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Imprudential, Inc., has an unfunded pension liability of $576 million that must be paid in 25 years. To assess the value of the firms stock,

Imprudential, Inc., has an unfunded pension liability of $576 million that must be paid in 25 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 6.9 percent, what is the present value of this liability?

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