Under U. S. GAAP, what is the present value of all future retirement payments attributed by the pension benefit formula to employee services rendered prior to that date and based on past and current compensation levels only

A. Service cost.
B. Interest cost.
C. Projected benefit obligation.
D. Accumulated benefit obligation.

Beachballs, inc., expects abnormally high earnings for the next three years due to the forecast of unusually hot summers. after the 3-year period, their growth will level off to its normal rate of 6%. dividends and earnings are expected to grow at 20% for years 1 and 2 and 15% in year 3. the last dividend paid was $1.00. if an investor requires a 10% return on beachballs, the price she is willing to pay for the stock is closest to: