Determining Fair Value Estimate of Future Remediation Costs Inteli Inc. is required to record the present value of estimated cash flows for environment remediation, which is expected to take place in 15 years. The cost of the remediation is estimated as follows, along with the probabilities of incurring the expenses. Required a. Assuming a risk-free interest rate of 8%, what is the present value of the remediation obligation, using the expected cash flow technique, discounting cash flows using a risk-free rate? - Note: Round your answer to the nearest whole dollar. - Note: Do not use a negative sign (-) with your answer. b. The present value of the remediation costs represents the fair value of the obligation. How would this amount be classified according to the fair value hierarchy? Hint: See fair value hierarchy in Exhibit 1-18