$($ needs excel formula $)$

$1$

A

B

C

D

E

F

G

H

I

J

Imprudential, Inc., has an unfunded pension liability of $$450$ million that must be

$2$

paid in $20$ years. To assess the value of the firm's stock, financial analysts want to discount this liability back to the present. If the relevant discount rate is $5\mathrm{.}2$ percent, what is the present value of this liability?

$3$

Input area:

Future value

Number of years

Interest rate

$$450,000,000$

$20$

$8$

$9$

$10$

$($Use cells A$6$ to B$8$ from the given information to complete this question.

Your answer should be a positive value.$)$

$11$

$5\mathrm{.}20\%$

$12$ Output area:

$13$

$14$