Question: The following incomplete (columns have missing amounts) pension spreadsheet is for the current year for First Republic Corporation (FRC). ($ in millions) Debit(Credit)PBOPlan AssetsPrior Service

The following incomplete (columns have missing amounts) pension spreadsheet is for the current year for First Republic Corporation (FRC).

($ in millions)

Debit(Credit)PBOPlan AssetsPrior Service CostNet

(Gain)/LossPension ExpenseCashNet Pension (Liability)/

AssetBeginning balance(600)45(107)Service cost79Interest cost78Expected return on assets85Gain/loss on assets(3)Amortization of:Prior service cost(8)Net gain/loss4Loss on PBO(9)Contributions to fund(62)Retiree benefits paid(82)Ending balance876(98)

What was the actuary's interest (discount) rate?

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