Imprudential, Inc., has an unfunded pension liability of $581 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 7.4 percent, what is the present value of this liability? (Enter your answer in dollars not in millions, e.g., 1,234,567. Do not round intermediate calculations and round your final answer to 2 decimal places, e.g., 32.16.)

Present value

$