ABC agreed to set up a retirement plan for its employees: 1. Annual contribution to a fund

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ABC agreed to set up a retirement plan for its employees:

1. Annual contribution to a fund managed by a trustee, 400,000 every year

2. Upon retirement, an employee shall receive retirement benefit based on whatever amount is accumulated on the fund

3. Actual contribution to the fund are: 160,000 on 2021, 250,000 on 2022, and 600,000 on 2023.

What is the total liability on the retirement fund of AMM Inc. as of December 31, 2023?

Related Book For answer-question

Introduction to Mathematical Statistics and Its Applications

ISBN: 978-0321693945

5th edition

Authors: Richard J. Larsen, Morris L. Marx

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Posted Date: Jun 25, 2021 12:57 PM

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ABC agreed to set up a retirement plan for its employees: 1. Annual contribution to a fund

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Total Liability am... View the full answer

Introduction to Mathematical Statistics and Its Applications

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