Answer:
97.4310
Explanation:
Forward rate = Spot rate * (1 + Rate of inflation in India)/(1 + Rate of inflation in US)
Spot rate in 5 years = 73.2115 * (1+0.08)^5/(1+0.02)^5
Spot rate in 5 years = 73.2115 * (1.08)^5/(1.02)^5
Spot rate in 5 years = 73.2115 * (1.4693281/1.104081)
Spot rate in 5 years = 73.2115 * 1.330815493
Spot rate in 5 years = 97.4309984657695
Spot rate in 5 years = 97.4310
Based on the information given about Mr. Lainson, the taxable estate of the year will be $7,785,000.
The taxable estate for Mr Lainson will be calculated thus:
- FMV $12 million
- Less: Debt $450000
- Less: Funeral expense $15000
- Less: Legal fees $50000
- Less: Donation ($3.5 million + $200000) = $3.7 million
- Taxable estate = $7,785,000
The taxable estate of the year will be $7,785,000.
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