Debra Moo, age $40,$ begins employment with Farm Corporation on January $1,2023,$

at a starting salary of $$49000.$ It is expected that Debra will work for the company

for $25$ years, retiring on December $31,2047,$ when Debra is $65$ years old. It is

expected that her salary at retirement will be $$135500.$ Further assume that

mortality tables indicate the life expectancy of someone age $65$ in $2047$ is $12$ years.

Farm Corporation sponsors a defined benefit pension plan with the following

formula:

Annual pension benefit on retirement $=3\%$ of salary at retirement for each year of

service, or $3\%$ final salary $$ years of service.

Assume a discount rate of $6\%.$

Determine the defined benefit obligation for Debra Moo at December $31,2024.$

Click here to view the factor table PRESENT VALUE OF $1.$

Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF $1.$

$$34071\mathrm{.}92$

$$8922\mathrm{.}23$

$$4065\mathrm{.}00$

$$8169\mathrm{.}86$