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The following incomplete (columns have missing amounts) pension spreadsheet is for the current year for First Republic Corporation (FRC). ($ in millions) Debit(Credit) PBO Plan
The following incomplete (columns have missing amounts) pension spreadsheet is for the current year for First Republic Corporation (FRC).
| ($ in millions) Debit(Credit) | PBO | Plan Assets | Prior Service Cost | Net (Gain)/Loss | Pension Expense | Cash | Net Pension (Liability)/Asset |
|---|---|---|---|---|---|---|---|
| Beginning balance | (720) | 30 | (92) | ||||
| Service cost | 64 | ||||||
| Interest cost | 36 | ||||||
| Expected return on assets | 70 | ||||||
| Gain/loss on assets | (4) | ||||||
| Amortization of: | |||||||
| Prior service cost | (9) | ||||||
| Net gain/loss | 5 | ||||||
| Loss on PBO | (10) | ||||||
| Contributions to fund | (47) | ||||||
| Retiree benefits paid | (67) | ||||||
| Ending balance | 720 | (83) |
What was the actuary's interest (discount) rate?
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