Question: Jenn has just been notified she'll receive an inheritance from her favorite aunt. The inheritance will be placed into a trust and become available to

Jenn has just been notified she'll receive an inheritance from her favorite aunt. The inheritance will be placed into a trust and become available to her at age 18 (she is currently 9). To fund the trust, the administrator of the trust must place the exact amount in the trust to reach the express amount of $58,000. Assuming that the current market rate is 4%, and that she expects to receive the inheritance in 9 years, what is the amount that should be placed in the trust today?

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