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Normandin Inc. has an unfunded pension liability of $575 million that must be paid within 20 years. To assess the value of the firm's stock,

Normandin Inc. has an unfunded pension liability of $575 million that must be paid within 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 6.8%, what is the present value of this liability?

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