DnE Company has established a defined benefit pension ere equal to the employee's highest lifetime salary multiplied by 2% multiplied by number of years with the entity. On December 31, 2017, the...

DnE Company has established a defined benefit pension ere equal to the employee's highest lifetime salary multiplied by 2% multiplied by number of years with the entity. On December 31, 2017, the employee had worked for DnE Company for 10 years. The salary in 2017 was P500,000, The employee is expected to retire in 25 years and the salary increases are expected to average 3% per year during that period. The employee is expected to live for 15 years after retiring and will receive the first annual pension payment one year after retirement. The discount rate is 8%. The relevant present value and future value factors are: •Future value of 1 at 3% for 25 periods   -  2.094 •PV of an ordinary annuity of 1 at 8% for 15 periods  -  8.559 •PV of 1 at 8% for 25 periods   -  0.146 What is the projected benefit obligation on December 31, 2017? A.) 209,400 B.) 261,669 C.) 100,000 D.) 124,961