Troy Skinner is one the pension fund manager at UMB Corporation anticipates that benefits of £1 million per year must be paid to retirees. Retirements will not occur until 10 years from now. Once benefits begin to be paid, they will extend until year 39 for a total of 30 payments. What is the present value of the pension liability if the appropriate annual discount rate for plan liabilities is 5 percent compounded annually?