Exercise 17-12 PBO calculations; ABO calculations; present value concepts [L017-1, 17-2, 17-3] Clark Industries has a defined benefit pension plan that specifies annual retirement benelits equal to 18% x Service years x Final year's salary Stanley Mils was hired by Clark at the beginning of 1997. Mils is expectod to retire at the end of 2041 afe 45 years of service. His retirement is expected to span 15 years. At the end of 2016, 20 years ater belng hired, his salary is $100,000. The company's actuary projects Mills's salary to be $470,000 at retirement The actuary's discurt rate is 10%. (EyofS1. Pyom PAdil. PVAofS1.BADofS1 and Pyap $1) (Use appropriate factorts) from the tables provided.) . Estimate the amount of Stanley Mills's annual retirement payments for the 15 retirement years eamed as of the end of 2016 2. Suppose Clark's pension plan permits a lump-sum payment at retirement in leu of annulty payments Determine the lump-sum equivalent as the present value as of the retirement date of annuily peyments during the retirement period MacBook Air 4 caps lock