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Sachs Brands's defined benefit pension plan specifies annual retirement benefits equal to 1.5% * service years * final year's salary, payable at the end of

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Sachs Brands's defined benefit pension plan specifies annual retirement benefits equal to 1.5% * service years * final year's 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 18 years. Davenport's salary is $98,000 at the end of 2021 and the company's actuary projects her salary to be $320,000 at retirement. The actuary's discount rate is 8% (FV of $1. PV of $1. FVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1. What is the company's projected benefit obligation at the beginning of 2021 (after 14 years' service) with respect to Davenport? (Do not round Intermediate calculations. Round your final answer to the nearest whole dollar.) 2. Estimate by the projected benefits approach the portion of Davenport's annual retirement payments attributable to 2021 service. 3. What is the company's service cost for 2021 with respect to Davenport? (Do not round intermediate calculations. Round your final answer to the nearest whole dollar.) 4. What is the company's interest cost for 2021 with respect to Davenport? (Do not round intermediate calculations. Round your final answer to the nearest whole dollar.) 5. Combine your answers to requirements 1, 3, and 4 to determine the company's projected benefit obligation at the end of 2021 (after 15 years' service) with respect to Davenport (Do not round intermediate calculations. Round your final answer to the nearest whole dollar.) 1. Project benefit obligation 2. Annual retirement payments 3. Service cost 4. Interest cost 5. Projected benefit obligation TABLE I Future Value of $1 FV - 51(1+ 6.096 7.0% 8.046 9.046 900 11.09 12.0% 1 O 000 107000 1 14490 1.0% 1.5% 2.046 2.54 3.09 3.59 4.09 4.5% 5.0% 5.5% 1 101000 101500 102000 102500 103000 103500 104000 104500 105000 1.05500 2 102010 1 09022 101040 105063100090 107121 108160109203110250 1.11303 3 103030 104568 1.06121 1.07689 1.09273 110872 1.12456 1.14117 1.15763 117424 4101060 106136 108243 110381 112551 1.14752 1.16956 19252121551 123882 5. 105101 107726 L1010815141 15927 118769 121665 124618 127628 1.30096 1 11000 1.23210 1 16610 1.06000 112360 1.19102 1.26248 1 09000 118810 1.29503 1 10000 1.21000 133100 20.046 1.20000 1.44000 1.72800 1.12000 1 25440 1.40193 157352 122504 125971 136019 1.46933 146410 1.31080 1.40255 207360 136763 1.51807 1 6506 141158 1.53862 133823 1 61051 1.76234 1 58687 1:87041 1.97382 22106 298598 3.58316 171382 6 106152 1.09344 1.12616 115969 19405 1.22926 126532 1.30226 134010 1.37884 7107214 110984 1.14869 1.18809 122987 1.27228 131593 1.30086 1.40710 145468 #06786 1.1260 L17166 121840 1.26677131681 136857 142210 147746 153469 9 109369 1109 119509 124356 130477 136290 1421 148610 155133 161909 10 110462110054 121899 1.2008 134392 141000 148024 155297 162839 1.70814 141852 1.50363 1.59385 168948 1 50073 1.60578 171819 183816 196715 1.77156 1.94672 2.14359 1.67710 182804 199256 2.1719 2.36736 2.07616 230454 2.55804 2.83942 247596 2.77305 4.29982 315978 199900 2.15892 235795 2 59374 3.10585 1.79085 6.19174 210455 285312 11111567 117795 124337 13120913823145997 153945 162285 171034 11020) 12 1.12653 119562 1.26824 1.34489 142576 151107 1.60108 109588 179586 1.9012 11 1809 121355 129361137851 14685) 15696 166507 177230 1885652.0057 14 114947 123176 131946 14129 151259 161869 1731686 185194 197993211609 15 116092 1.23023 134 14460138792 167535 1.10094 193528 20793223243 1.19830 201220 2.13293 2.13164 251817 271462 2.91719 3.17217 225219 2.40055 257853 2.75903 2.58043 231266 306580 344173 3.61248 3.13843 145227 3.79750 315176 349845 3,88325 43104 3.47855 389598 436149 741005 8 91610 10.69932 12.81918 15 40702 226090 23456 485711 5.47357 417735 4.78459 295210 3152 16 11725 126199 137270 1485 10047173399 1.8729207237 216287235536 254035 17 118430 12:00 140024 152162 16528 1.1946 1947902113382.29702248480 2.69277 18 11901513074 147835 155966 1.70243 1.85749 2.02542 220548 240652 262147 285434 19 120811 132695 145681 19865 L75351 1.92250 2.100 2.50786 2.520952.76565 303560 30 1.22019 13466 14659 1602 1.10611 1.98979 219112 24117 265330 291776 3.20714 1425 3.70002 399602 431570 4.66096 337993 3.97031 4.32763 471712 5.14166 5,60441 459497 5.05447 5 55992 6.11591 6.72750 331009 5.89509 6.54355 726334 611039 6 86604 7.61997 8 61276 9.64629 THAN843 22.18611 26 62333 31 94800 38 33700 161653 386968 106231 21 123919 1.36706 151567 167958 1.1602205043 127377 352024 2.73596 307823 339956 414050 503383 0.10681 740035 894917 10:05 40.00512 75 1224 145095 1.64061 135994 209378236374 260584 3.00543 3.38635351399 5.42743 6 54348 1 67105 10.83471 13.58516 17.00000 9539622 10 134785 156305 131136 2.09757 242726 2.0679 5.24340 3.74532 4.32194 495395 5.74349 761226 1006200 13.26765 17449402289230 29.95992 237.37631 40 TAB6 111402 220804 268506 3.76204 3.95676 4 10 581636 701999 #51331 10.28572 1497446 21.72452314094245 25926 65.00082 93 5087 1469.77160 TABLE 2 Present Value of $1 $1 PV 1.096 1.596 2.0% 2.5% 3.0% 3.596 400% 4596 5.09 5.596 6,096 7.09 8.09. 10.0% 11.044 12.096 20.096 1 099010093522 098039 097561 097087 096618 096154 095694095238 094787 094340 093458 0.92593 091743 090909 0.90090 0.89286 0.83333 2098030 097066 0.96112 0.95181 094260 093351092456 091573 090703 089845 0.89000 0.87344 085734 0.34168 0.82645 081162 0.79719 069444 3097059 095612 0.94232 092860 091514 090194 088900 087630 086384 0,85161 033962 081630 0.79383 0.77218 075131 0.73119 0.71178 037870 4096091 094218 0.92385 090595 088849 0.87144 085480 0.83856 032270 0.80722 0.79209 076290 0.73503 070843 068301 06587 0.63552 0.48225 5 095147 092826 090573 088385 086261 084197 082193 0.0245 0.78353 0.76513 074726 071299 0.68058 0.61993 0.62092 059345 0.56743 0.40188 60.94205 0.91454 0.88797 0.862.30 083748 0.81350 0.79031 0.76790 0.74622 0.72525 0.70496 0,66654 0.63017 0.59627 0.56447 0.53464 0.50663 0.33490 7 093272 0.9010) 0.87056 084127 0.81309 0.78599 0.75992 0.73453 071063 068744 0.66506 0.62275 058349 0.54703 051316 045166 0.45235 0.27908 8092348 088771 085349 082075 078941 075941 073069 0.70319 0.67684065160 062741 0.58201 0.54027 050187 046651 0.43393 0.40388 023257 9 091434 087459 0.13676 080073 076542 073373 0.70259 067290 064461 061763 059190 0.54393 050025 046043 042410 0390920 36001 019381 10 0.90529 0.56167 0.82035 0.78120 0.74409 0.7092 0.67556 064393 061391 038543 055839 0.50835 046319 0.42241 0.38554 035218 032197 0.16151 11 0.89633 0.54893 0.80426 0.76214 0.72242 0.65495 0.64958 0.61620 0.58468 0.55491 0.52679 0.47509 0.42888 0.35753 0.35049 0.31728 0.28748 0.13459 12 015745083639 075549 0.74356 0.70138 0.66178 062400058966 0 55654 0.32598 0.49097 0.44401039711035553 0.31863 028584 0.25665 0.11216 13 037866 0.12403 0.77303 072542 068095 0.63910 060057 0.56427 0.53032049856 046534 041496 0.36770 032618 0.28966 0 35751 0.22917 009346 14 0.80996 0.81185 0.75758 0.70773 066112 0.61778 057741 0.53997 0.50507 0.47257 0.44230 031782 0.34046 0.29925 0.26333 023199 0.20462 0.07789 15 086135 0.79955 0.74301 069047 0.64186 0.59689 055526 0.51672 048102044793 041727 036245 0.31524 0.27454 0.21939 0.20900 0.10270006191 16 0.85282 0.78503 0.735450.67362 0.62317 0.57671 0.53391 0.40447 0.45511 049458 0.39365 0.33873 0.29189 0.25187 0.21769 0.18529 0.16312 0,05409 17 0.54438 0.77639 071416 065720 0.60502 055720 051337 0.47316 043630 040945 0.37136 031657 0.27027 033107 0.19754 0.16963 0.14564 0.04507 18 083002 0 10191 070016 064117 0.58719 053836 049363045380 041552 038147 0.35034 0.29530 0.2502502119 0.17986 0.19282 0.13004 003750 19 0.32774 0.75361 06364) 0.62553 0.57039 05 2016 047404 043330 019573 036153 033051 0.27651 023171 0.19449 0.16351 0.13763011611 003130 20 081994 0.94347 067292 061027 055368 050257 045639 041464 0.37689 0.34273 031180025842 0.21455 017343 0.14864 012403 010367 0.02608 210.31143 0.73150 0.65078 0.50539 0.53755 0.48547 043553 0.39679 0.35894 0.33486 0.20416 0.24151 0.10566 0.16370 0.13513 0.11174 0.09356 0.07174 24 078757 09954 0.62172 055788 049199 043796 039012 034770 0.31007 0.27666 024698 0.19715 0.15770 0.126100.10153 0.08170 0.0651 001258 25 0.77977 0.68921 00095) 053939 047761 042315 037512 03327 029530 026323 0 33300 018425 0.14602 0.11597 0.09230007361 005882 0.01048 28 0.75654 0.65910 0.57437 0.500 0.43705 035165 03141019157 025509 022352 0.19563 0.15040 011591 008955 0.0097 0.05382 0.01187 0.00607 29 07494 064936 0.56311 0.45566 0.42035 036875 032065 0 27902 024295 021168 0.15456 014056 0.10733 0,08215 0.06304 004549 0.03738 0.00506 30 0.74191 0.63976 0.55207 0.47674 0.41199 035618 0.30833 0.16700 0.23138 0.10064 0.17411 0.13137 0.00935 0.07537 0.05731 0.04368 0.00338 0.00421 31 0.73456 063031 054125 0.46511 0.9999 034423 029646 025550 0.22036 0.1918 0.16425 012277 0.09202 0.00915 0.05210 003935 0.02980 0.00351 40067165 035126 0.452890.37243030656 025257 0.200.29 0.17193 0.14205 0 11746 009722 0.06678001003 0.03184 002209 0.01538001095 000068 EABLE 3 Future Value of an Ordinary Annuity of $1 (1+1-1 FVA 10.05 9,04 8.09 3.096 45 107 5:54 5.04 3.51 10000 2.0350 10000 10000 10000 20.046 3.0000 32000 10000 21000 10000 20550 20800 10% 1.5% 2.54 1 10000 10000 10000 10000 20100 20150 20200 2010 3 3.000 3.0452 30004 30250 4 40001 4.000 41210 41525 51010 5.152352010 5.2563 1.0000 20300 300 418.30 5.3091 11.09 10000 2.1100 3421 47097 20100 3.1216 42465 54161 33464 7.016 10000 20700 3.2149 4499 57507 1.0000 20500 3.2525 43101 3.5256 20450 1130 42712 54707 10000 20000 3:1836 43746 56371 3.1002 10000 2.0900 32751 45731 59347 12.09 10000 21200 3.3744 47793 6.3528 3.1610 361 3.3109 46410 6 1051 45061 36000 53680 7416 42149 5.3635 5.5811 5.1666 7.7156 1152 7.9129 6.8851 9.9299 67169 10192 10.0890 12.1997 6 6.10 61196 63051 63877 64656 65502 66350 T2135 7.3230 74343 75474 76625 7.7794 7.8983 3510 7161 1.592390517 9214 9 9.85 9.5591 9.7545 99545 10.1591 1035 10 52 10 10 4632 10 7027 109497 11 2014 11 4639117314 12 0061 129159 164991 733150 39228 10.6560 124876 6.8019 5 1420 95191 11 0206 12.5779 1500 8.6540 102598 119750 13.3164 9.8973 11491) 1310 97316 11.2563 12.5754 9.2004 11 0285 13.0210 15.1939 9.4572 114359 115795 159394 10.1021 9.7833 11 8594 141610 16.220 20.7989 147757 175487 122812 259507 13.5412 14.2018 16.6455 17.5603 201407 11 11.56 11433 12.1687 12:41 12.1078 13.1420 15.4864 12 120835 136412 13.4121 11.7956 14.1930 14 0020 50258 11 13.095 143300 14.6803 15.1404 15.0178 16 1130 16.6368 14 14.9474 54504 159730 16.5190 17016 116770 18.2019 15 100909 16.0821 17.294 179319 19 19.2957 200236 154640 17.1599 1921 20.7141 14.513 14.9716 16.3650 16,8699 18.20 18.8821 20 2936 21.0151 22.4087 32900 159171 17.7130 19 5930 21570 157836 178885 201406 225505 20.4546 34 1331 30991 15.5312 21 184) 243222 279950 317925 189771 21.053 24 21:49 27.3521 19.5614 327112 26 2116 30 0949 344054 32.1504 39.SOS 4896 59.950 720351 26.0192 32 1920 32797 25.1290 22.7193 30.3245 33,0034 24.6411 20.04 42.7833 48837 16 172579 179334 11.639 19.3202 20.156 209710 21.3245 11 11 404 19.2014 20.01213811047 217616 3.050 33.0075 11 1942 2043043143 2233 234144 W 25.6454 1920.000 11.967 223400239460 21103572 27.5112 22.0190 191.1234 135449 268704 2979729751 33.6575 256404 2014 305390 330000 268551 29.0636 313914 33.6725 11 2120 109057 33 7600 3.7856 369737 40301 294512 32.1007 34603 27.3431 30.5402 339990 373790 40958 74503 41463 437520 35.9497 405447 555992 51.1591 372750 30.1899 445008 50 1959 569395 64202 87.401 105 900 121162 1547400 180 55.7497 63.4397 72054 46.0115 51 1001 11133302 24476 25.7333 17.1833 25.6765 3.095 31.9093 33.7831 357193 37.711 19.092 56.4229 56.7645 64.0025 72.1651 51.6957 10 W 350 401 902 423754 51.6227 59 6100 724155 70 OS 4 113136. 30751644940 1990209143327 181816 10 1501 54367 0.030 674026 75.40114550395,015 107.0303 120 1995 1560561547620 1996351 35905653374 412592651 767 0914 73412578 TABLE 4 Present Value of an Ordinary Annuity of $1 1 + i PVA 1046 1.596 2016 2.356 3.046 3.596 4,096 4.5% 5.046 3.596 60% 0.94340 1 0.96618 0.95694 7,0% 0.93458 1 SOBO 0.99010 197040 2.94099 3.90197 2 3 0.98522 195555 291220 3.85438 478261 0.97561 1.92742 2.85602 1996 098039 194156 238388 3.80773 4.21346 0.97057 19147 232861 095238 185941 2.72325 8.04 092593 178326 257710 0.96154 138609 277509 3.6.2990 445152 094787 1 84632 2.69793 3.50515 427028 183339 207301 2.80164 1.87267 274896 3.58755 438998 9.096 10.09 11.09. 12.04 30.046 0.9174 090909090090 089286 0.83333 1.75911 173554 171252 169005 152778 2.531192.48685 2.4371 2401332.10618 3.2.39723.169573103453057353.55873 3.88965 3.79079 3.69590 3.60175 2.99081 4 3.76197 338721 3.71710 4.57971 3.67908 451505 3.46511 421236 3.31213 3.99271 5 464583 410020 5.15787 4.99555 6 5.79545 7 6.72819 8 765168 98.56603 4.76654 5.38929 4,63255 5 20637 5.69719 5.60143 659821 647199 7.48593 836052 816224 9.22213.98259 5.50313 5.41719 034939 623018 7.17014 70196 79707 7.76611 8.75206 8:53020 532855 6.11454 687396 7.00769 3.31661 524214 600205 6.73274 743533 491732 558238 6.20979 3.07569 575697 6.46321 710782 7.72173 5.97130 5.19270 6 59589 726879 7.91272 5.74664 568297 633457 695220 753763 4.48592 435536 423054 4.11141 3.32551 503295 436842 4.71230 4.56376 360450 553452 533491 3.14612 4.96764 183716 599535 575902 5.53705 532825403097 6.41766 6.1-4457 588923 565022 419247 6.51523 6 50169 736009 10 9.47130 811090 7.02358 6.71005 7.88687 11 16.56763 10.07112 9.78655 9.31431 9.25262 9.00155 5.76045 3.5292 30641 3.09354 12 11.250 10.907511057534 10.25776 9.95400 938507 911853 8.86325 13 12.13374 11.731511134037 1095319 10.63496 1030274 9.98565 9.68755 9.19357 9.11708 14 13.00370 12.4335 1210635 11 69091 11.29607 10.92052 10.56312 10 222839.19864 9.5875 15 13.505 1334323 13.54936 1238133 11937941131741 11.11839 1073955103796610,03758 338384 8.85265 9.29496 7.40167 794269 835765 8.74547 9.10791 7.13896 751001 79037 824424 8.55948 6.80519 6.49506 6.20652393770 4.32708 716073 631369649236 6.19437443932 7.48690710336 6.74987642355 4.59268 778615236669 698187 662517 461057 11.06069 760608 719087 081056467547 9.71225 16 14,71787 14.13136 13.87771 13.05500 12.56110 1200412 11.652.30 1133401 10.03777 10.46216 10.10590 9.44665 1? 15 562351490765 14 39157 13.712201310612 12651311216567 11.70719 1127407 1086401 1047726 9.76322 151639827 15.67256 14.99305 14.35136 11.75351 13.11966 12699301215999 11.61959 11 14607 10827601003909 19 17 21001 16.47617 1567146 149759 14 37380 13.70984 13.13394 1259329 12.08332 11 60765 11.15812 10 1500 201804555 1716164 1635145 1558916 1487742 1421340 1359033 1300704 12.46221 1195058 11:46992 10.59401 85137 9.12164 9.37189 960300 9.31815 2312567893717.37916 6.97399 4.71956 154363 02155 7.548797119834.77463 8.75563 120141 770162 7,24967 451219 95011 8364927839297.16578 454350 9.12855 351356796333740944436955 21 18.45698 17.90014 17.011211618455 1541502 14.69797 14.03916 1340472 1282115 12.27534 11.76408 10.83553 10.01680 9.29324 3.6456 3.67507 7.56700 489132 25 1203316 20 11901 19.57346 1848 1741315164115115.67206 H12821409394 134119 1276116 11.653 10.67475 9.821 9077044211473014494259 30 31 01364 239046 20.93039106004 18.39303 177920516735891537245 1451375 13.70401 1240904112577 10.3736 942091 800379 80551497 40 2014092391585 2735545 25 1027311477 2135507 19.79777 1840158 17.15009160461215046101333171 11.93461 10.757369.77905 395105 833 499000 TABLE S Future Value of an Annuity Due of $1 (1+ FVAD 2.046 3.59 604 5.09 5 546 1546 9.09 20.096 8.046 7.046 1.04 1 0100 20301 4.64 10400 1 10550 1 0600 10800 1.0700 22149 12.09 11200 23744 10350 21062 3:21:49 10150 10200 20452 2.0604 3.0909 31216 41523 42040 2 3.04 10250 10300 20756 2.0909 31525 3.1836 42563 43091 53877 5:4614 10500 21525 33101 459 10450 2.1370 32782 4.4702 5.7169 21216 31465 21680 33423 2.1836 33746 10.04 1:1000 2.3100 3.6410 5.1051 1.0900 2.2781 3.5731 49847 1.200 2:6400 43680 11.09 11100 2 3421 3.7097 5.2278 6.9129 3 3.4399 3.7793 4.7507 30604 41010 5 1520 6.4416 4.5256 43625 44163 55502 5.8330 4.5811 5.8881 35061 4.8666 6.3359 46371 59753 53528 7.1152 52296 5 53051 5.8019 6.1533 6.5233 6.7156 8.9299 7,0192 7.1430 69912 7.6540 8.7833 8.2004 100285 8.4572 10:4359 11.9159 15.4991 15491 6 6.21356.32.30 7 73857 74321 8 13635 8.5593 9 9462 9.7027 10 10.5668 10.363 64343 6.5474 6.6615 6.7784 68953 75830 7.7361 78923 10517 82142 1.7546 8954591591 9.1635 9582 9.9497 10.2014 10 4619 10.7314 11 0061 11 1687 114335 31 1073121420 124864 8 3800 9.8021 7.3938 1.8975 10 4913 12. 1808 139716 8.7210 10 2563 118754 13.5835 79128 9.6360 11 4876 134866 100266 115779 13.2008 9.2598 109780 128164 14.7836 19.7989 10 8594 13.1640 15.7220 12.0210 14.1929 165601 12 5795 149374 2.0890 11.2997 13 7752 16 5487 19.6546 11 2852 24.9517 31.1504 123412 15 6455 175312 18.5614 14.4640 23.1331 149171 16.7130 21.7132 25.110 11 11.6825 12.0412 19.4121 12.1956 13.1920 19.6020 14.9258 12 12 509) 132368 13603141404 146178 15.1130 15.6268 11139474 144504 149799 155190 1661 166770 172919 14 15 0 15621 1694 169319. 17.5989.11 2957 190236 15 162579 169324 17.619) 11.3802 19:1509 19.9710 20.5245 38.5805 474266 253856 17.2860 192920 214087 216111 19.1407 21.9534 250192 19.1406 215505 15.86 17.821 300151 229760 246725 16.1599 179321 197541 217193 15956 179771 20.4953 232149 26 1521 20.3843 23.5227 16.9750 30.7725 34.9497 29 0949 334054 270291 313926 38 2797 41.7533 20.5786 24.1290 26 BB11 253609 32.0034 58.1939 71 0351 36.4421 38 1899 24.5404 29.3401 27.2129 29.9057 35.9737 403013 43.5005 49 1959 47.8837 54.7497 32.9990 16 174304 15.2014 19.012119.8547 20.7616 21700 212.4975 23.7417 17116147 19420412 213 214144 234997 46454 25.3551 11 19109207167 21640622602411035357 166713 19710190 321331 1194 454 353704 272192 287781 303714 20 23392134705247033 20.833976765297695300212781 25.0964 284012 311027 333633 36.7861 27.1324 29 5300 370660 342193 36 3790 32.7000 55.7156 32.7502 36.4502 404463 447620 494229 19.5447 45992 50.1591 362750 630035 104.9306 127 1107 1532400 105.6510 2240256 39.9955 710524 50.1601 357845 03 2020 703651 39827 41 06987 11134716 148946 76.1990 27.829 29,5368 3.319 334 33034 37.5033 30.045 42.3033 48.0057 344566 61.8733 70.4021 91.5016 370.0307 25 255256 305140326708350112 37551040313113311 10 5700 $0.1135 539660 S81504 676765 7844 120 TOEN 1269 1493319 5603773 1015 1827 18101 41 794 450001 49 0027 114291 181 63724 1008 964104 101 1010730 1231459 14657571809234220913217093014162579 1093751 561610060816 760175095 110 1117 118 119 1111 1040177 211.60 2707810061919 486351 645 9159.144 14 BLE 6 Present Value of an Annuity Due of $1 (1 PVAD X (1+ 9.04 SOS 70 3.09 5.044 3.596 1 00000 100000 100000 1 2546 100000 197561 2.92742 1.00000 1.94340 1.00000 1 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