A Pension Fund Will Owe $15 Million to Retirees in 8

A pension fund will owe $15 million to retirees in 8 years. An actuary assumes an 7% rate of return on the funds invested in the pension plan. If the pension plan receives annual contributions from the company sponsor, how much must the company pay each year to fully fund the pension liability?

A) $1,212,587
B) $1,462,016
C) $1,533,333
D) $1,666,667