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Robinson Industries has a defined benefit pension plan that specifios annual retirement benefits equal to 1.8% x Service years x Final Year's salary 20 years
Robinson Industries has a defined benefit pension plan that specifios annual retirement benefits equal to 1.8% x Service years x Final Year's salary 20 years ago, Patty Mills was hired by Robinson Mills is expected to retire after 40 years of service in retirement is expected to 25 years in 20 years after being hired, his salary is $62,000. The company's actuary projects Missalary to be $84000 tretirement. The actuary's contes 0% PVA Factors PVA, na 15, 18% 8.55948 PVA, n20, 18% 9.81815 PVA, n=25, 1-8% 10.67478 PV Factors PV, 15, n.8% 31524 PV, n 20.=8% 21455 PV, n.25. I =8% 14602 Suppose Robinson's pension plan permits a lump-sum payment at retirement in lieu of annuity payments. What is the lumpsum equivalent would receive? $
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