Sweet, 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 $1,2025.$ 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:

Average length of time to retirement

Expected life duration after retirement

Total pension payment expected each year after retirement

for all employees; payment made at the end of the year

$15$ years

$10$ years

$$2,400,000$ per year

The interest rate to be used is $12\%.$

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On the basis of the information above, determine the present value of the pension obligation $($liability$).($Round factor values to $5$ decimal places, e$.$g$.1\mathrm{.}25124$ and final answer to $0$ decimal places, e$.$g$.458,581.)$

The present value of pension obligation $($liability$)$

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