(2) Davenport's annual retirement payments at the end of 2016
Service years = 14 years (2002-2016)
final year's salary = $ 92,000
Annual retirement payments =1.4% * 14 years * 92,000= $ 18,032
(3) Projected benefit obligation at the end of 2016
Present value of the annual retirement benefits on the retirement date where n =18 years and i = 6%
= 18032 * PVIF for annuity
=18032 * 10.8276
= $195,243.30
Present value of the retirement benefits at the end of 2016
= PV of annuity on retirement date * PVIF of single cash flow when n= 20 years and i= 6%
= 195243.30 * 0.3118 = $ 60,876.86
(4) Projected benefit obligation at the end of 2019 if estimates don't change(assuming salary at the end of 2019 is $92,000)
Service years = 17 years (2002-2019)
final year's salary = $ 92,000
Annual retirement payments =1.4% * 14 years * 92,000= $ 21,896
Present value of the annual retirement benefits on the retirement date where n =18 years and i = 6%
= 21896 * PVIF for annuity
=18032 * 10.8276
= $237,081.10
Present value of the retirement benefits at the end of 2019
= PV of annuity on retirement date * PVIF of single cash flow when n= 17 years and i= 6%
= 237081.10 * 0.3714 = $ 88,051.92
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