Exercise $10-2$A $($Algo$)$ Determining the present value of a lump$-$sum future cash receipt $L010-1$

Larry Mattingly turned $20$ years old today. His grandfather had established a trust fund that will pay him $$85,000$ on his next birthday. However, Larry needs money today to start his college education, and his father is willing to help. Mr$.$ Mattingly has agreed to give Larry the present value of the $$85,000$ future cash inflow, assuming a $10$ percent rate of return. $($PV of $$1$ and PVA of $$1)$

Note: Use appropriate factor$($s$)$ from the tables provided.

Required

a$.$ Determine the amount of cash that Larry Mattingly's father should give him.

Note: Round your final answer to the nearest whole dollar value.

Cash

$

$77,778$Exercise $10-2$A $($Algo$)$ Determining the present value of a lump$-$sum future cash receipt $L010-1$

Larry Mattingly turned $20$ years old today. His grandfather had established a trust fund that will pay him $$85,000$ on his next birthday. However, Larry needs money today to start his college education, and his father is willing to help. Mr$.$ Mattingly has agreed to give Larry the present value of the $$85,000$ future cash inflow, assuming a $10$ percent rate of return. $($PV of $$1$ and PVA of $$1)$

Note: Use appropriate factor$($s$)$ from the tables provided.

Required

a$.$ Determine the amount of cash that Larry Mattingly's father should give him.

Note: Round your final answer to the nearest whole dollar value.

Cash

$

$77,778$