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Embraer SA, the Brazilian aerospace conglomerate, has an unfunded pension liability of $755 Million that must be paid in 25 years. To adequately assess the

Embraer SA, the Brazilian aerospace conglomerate, has an unfunded pension liability of $755 Million that must be paid in 25 years. To adequately assess the firms equity value, financial analysts must discount the future pension liability. If the discount rate is 9%, what is the current value of the liability?

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