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Leigh Ping s parents have just established a trust fund for her on her 9 th birthday. They plan on contributing $ 2 5 ,

Leigh Pings parents have just established a trust fund for her on her 9th birthday. They plan on contributing $25,000 today with this amount growing at 6% p.a. until (and including) her 18th birthday. If her parents expect the trust fund to earn an interest rate of 6% p.a. the present value equivalent of this trust today is closest to a) $225,000. b) $250,000. c) $275,000. d) The present value of the trust fund cannot be calculated.

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