Robinson Industries has a defined benefit pension plan that specifies annual retirement benefits equal to:

1.9% x Service years x Final Years salary

Patty Mills was hired by Robinson at the beginning of 2002. Mills is expected to retire at the end of 2041 after 40 years of service. His retirement is expected to span 20 years. At the end of 2016, 15 years after being hired, his salary is $65,500. The company's actuary projects Mills' salary to be $86,700 at retirement. The actuary's discount rate is 8%.

PVA Factors

PVA, n=15, i=8% 8.55948

PVA, n=20, i=8% 9.81815

PVA, n=25, I -8% 10.67478

PV Factors

PV, n=15, i=8% .31524

PV, n=20, i=8% .21455

PV, n=25. I =8% .14602

What is the company's projected benefit obligation at the end of 2016 with respect to Patty Mills? ___________________