Cline Company has a defined benefit pension plan which covers Melissa Price, the company's only employee. Melissa has been with the company for 20 years and makes an annual salary of $40,000 per year. The retirement benefit amount is $33,000 per year. Melissa is projected to retire in 15 years. Based on actuarial estimates, the appropriate discount rate is 6% and Melissa is expected to collect her retirement benefit for 22 years. Assume payments to Melissa are made at the end of the year. What the present value of the retirement benefit and the projected benefit obligation