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Imprudential, Inc., has an unfunded pension liability of $ 4 5 0 million that must be paid in 2 0 years. To assess the value

Imprudential, Inc., has an unfunded pension liability of $450 million that must be paid in 20 years. To assess the value of the firms stock, financial analysts want to discount this liability back to the present. If the relevant discount rate is 5.2 percent compounded monthly, what is the present value of this liability?

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