Q8 You are the CFO of XYZ, Inc. Your company has 60 employees, each earning 50,000 per year. The salary of employees grows at 3% per year. Starting from next year, and every second year thereafter, 10 employees retire, and no new employees are recruited. Your company has in place a retirement plan that entitles retried worker to an annual pension, which equals 80% of their annual salary at the moment of retirement. Life expectancy is 20 years after retirement, and the annual pension is paid at yearend. The return on investment is 12% per year. What is the total value of your pension liabilities (15)