Changes in pension plan assets
Response to the following problem:
Pension plan assets were $80 million at the beginning of the year and $83 million at the end of the year. The return on plan assets was 5%. At the end of the year, cash invested in the pension fund was $7 million. What was the amount of the retiree benefits paid by the trustee?
PLEASE SHOW CALCULATIONS ON HOW YOU ARRIVED AT YOUR ANSWER.