A pension fund manager anticipates that benefits of 1 mil Euros per year must be paid to retirees. Retirements will not occur until 10 years from now. Once benefits will be paid, they will extend for 30 years. What is the present value of the pension liability if the appropriate annual rate of interest for plan liabilities is 5% compounded annually?

A pension fund manager anticipates that benefits of 1 mil Euros per year must be paid to retirees. Retirements will not occur until 10 years from now. Once benefits will be paid, they will extend for 30 years. What is the present value of the pension liability if the appropriate annual rate of interest for plan liabilities is 5% compounded annually?