Your aunt dies and leaves you $1M in her will, but it must stay in trust for 10 years. You want to spend it now, so you go to the Bank to borrow against the bequest. You offer the $1M to repay interest and principal at the end of ten years
The Bank wants to earn 5% on its loan, so how much will it offer you today?
A) $613,913.25
B) $617,283.95
C) $675,564.17
D) $558,394.78
E) $1,000,000.00
A
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What was the purpose of the Worker Adjustment and Retraining Act (WARN)?