Sarasota, Inc. is a furniture manufacturing company with 50 employees. Recently, after a long negotiation with the local labor union, the company decided to initiate a pension plan as a part of its compensation plan. The plan will start on January 1,2020 . Each employee covered by the plan is entitled to a pension payment each year after retirement. As required by accounting standards, the controller of the company needs to report the pension obligation (liability). On the basis of a discussion with the supervisor of the Personnel Department and an actuary from an insurance company, the controller develops the following information related to the pension plan. \begin{tabular}{ll} Average length of time to retirement & 15 years \\ \hline Expected life duration after retirement & 10 years \end{tabular} Total pension payment expected each year after retirement for all employees. Payment made at the end of the year. $847,700 per year The interest rate to be used is 10%. Click here to view factor tables On the basis of the information above, determine the present value of the pension obligation (liability). (Round factor values to 5 decimal places, e.8. 1.25124 and final answer to 0 decimal places, e.8. 458,581.) The present value of pension obligation (liability)