Sachs Brandss defined benefit pension plan specifies annual retirement benefits equal to 1.6% service years final years salary, payable at the end of each year. Angela Davenport was hired by Sachs at the beginning of 2007 and is expected to retire at the end of 2041 after 35 years service. Her retirement is expected to span page 103218 years. Davenports salary is $90,000 at the end of 2021 and the companys actuary projects her salary to be $240,000 at retirement. The actuarys discount rate is 7%.

Required:

1. Draw a time line that depicts Davenports expected service period, retirement period, and a 2021 measurement date for the pension obligation.

2. Estimate by the accumulated benefits approach the amount of Davenports annual retirement payments earned as of the end of 2021.

3. What is the companys accumulated benefit obligation at the end of 2021 with respect to Davenport?

4. If no estimates are changed in the meantime, what will be the accumulated benefit obligation at the end of 2024 (three years later), when Davenports salary is $100,000?