A Level 3 fair value estimate is an estimate based on which of the following?

A Level 3 fair value estimate is an estimate based on which of the following?




a. The value of similar assets traded on a foreign exchange.
b. The value of the same asset, but traded on a foreign exchange.
c. The value is not readily observable in any marketplace and therefore requires an estimate using a model.
d. The value is not readily observable, but there are market trades of similar assets that can serve as a surrogate for value of the asset in question.









Answer: C


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