Hemingway Inc. hired Mr. King on December 31st, 2016. Mr. King will retire in 5 years (i.e., on December 31st, 2021) and, at that time, will receive a lump sum payment equal to 2% of his final salary for each year of service. His salary in 2017 will be 200,000, and Hemingway, Inc. assumes this salary will increase at a rate of 5% per year until his retirement at the end of 2021. Assume a discount rate of 10% per year. What is the approximate value of the pension benefit obligation at the end of fiscal year 2017(i.e., on December 31st, 2017)?