Instructions: - Complete the homework by hand on paper. - You can either print this homework packet, or you can respond to each question on other paper. You do not need to rewrite the questions on your paper. Simply identify the items by number with your written responses. 1. (2 points) A company has 15 employees who will be eligible for the company's pension plan. The company expects to pay out annual pension payments of $105,000 in total (for all employees) at the end of each year for 7 years beginning the year after retirement. The average length of time until the employees retire is 8 years. If the relevant interest rate is 5%, what is the present value of the company's pension liability? Write your final answer here