How much must be invested today to make four annual withdrawals of 20,000 each for tuition payments if you can earn 8 compounded annually on your investment and the first withdrawal will take place in one year? (Round to the nearest whole dollar)
A) 66,243
B) 51,242
C) 79,854
D) 47,393
E) 57,341
Question 2
In what way does a cash budget provide management with better information about financing
requirements than a pro forma balance sheet?
A) A pro forma cash budget not only delineates the financing that is needed but it also pinpoints
in greater detail when the financing is needed.
B) A pro forma cash budget gives greater details about the depreciation of fixed assets.
C) A pro forma cash budget utilizes superior methods in determining a firm's income tax
liability for the planned period.
D) A pro forma cash budget does not offer better information to management regarding
financing than a pro forma balance sheet.
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