Present value. The State of Confusion wants to change the current retirement policy for state employees. To do so, however, the state must pay the current pensio fund members the present value of their promised future payments. There are 200,000 current employees in the state pension fund. The average employee is 22 years away rom retirement and the average pro sed future retirement benefit is $460,000 per employee r the state has a disc t rate of 4% on all its f s, h much money will the state have to pay to the employees before it can start a new pension plan? How much money will the state have to pay to the employees before it can start a new pension plan? S (Round to the nearest dollar)