The exemption applies to employees compensated on a salary or fee basis that perform work that is predominantly intellectual in character, who possess advanced knowledge in a field of science, and whose advanced knowledge was acquired through a prolonged course of specialized intellectual instruction.

Imprudential, inc., has an unfunded pension liability of $572 million that must be paid in 25 years. to assess the value of the firm’s stock, financial analysts want to discount this liability back to the present. if the relevant discount rate is 6.5 percent, what is the present value of this liability? (do not round intermediate calculations and enter your answer in dollars, not millions, rounded to 2 decimal places, e.g., 1,234,567.89)