On January 1 of the current reporting year, McDonald's projected benefit obligation was $30.7 million. During the year, pension benefits paid by the trustee were $4.7 million. Service cost was $10.7 million. Pension plan assets earned $5.7 million as expected. At the end of the year, there was no net gain or loss and no prior service cost. The actuary's discount rate was 10%. Required: Determine the amount of the projected benefit obligation at December 31