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If we keep the stream of payments the firm will need to make to retirees (note: these are future cash outflows) constant, will a firm's

If we keep the stream of payments the firm will need to make to retirees (note: these are future cash outflows) constant, will a firm's pension obligation be higher or lower with lower interest rate (note: a firm's pension obligation is estimated as the present value of the future payment streams)?

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