Your parents established a trust fund on 1 July 2016 which is designed to pay you $3,000

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Your parents established a trust fund on 1 July 2016 which is designed to pay you $3,000 each year commencing 1 July 2022. If the effective annual interest rate is 10.3%, CALCULATE the amount your parents contributed to the fund on 1 July, 2016.

Related Book For answer-question

Intermediate Accounting

ISBN: 978-0324300987

10th Edition

Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones

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Posted Date: Mar 27, 2023 02:09 AM

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Your parents established a trust fund on 1 July 2016 which is designed to pay you $3,000

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The formula to calculate the present value of an annuity is PVAr11rn Where ... View the full answer

Intermediate Accounting

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