Today, Jack and Jill transfer $1 million into a trust with two beneficiaries: Jack's father, Bill, age 75, and their son Hank. Income will be distributed annually to Bill (Jack's father) for the remainder of his life. When Bill dies, Hank will receive the remainder of the trust property. What is the present value (PV) of Bill's income interest?

Answer rating: 100% (QA)

Single Life Factors based on Life Table 2000CM the annuity factor ... View the full answer