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Spital Corporation is required to pay the pension cost of one of its unionized employees. According to the terms of the union contract, the employee

Spital Corporation is required to pay the pension cost of one of its unionized employees. According to the terms of the union contract, the employee will retire in eleven years and receive $15,000 at the end of the five consecutive years following retirement. Interest is compounded annually.

The pension obligation that Spital has incurred today if the discount rate is 3% is ______

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