1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
slavikrds [6]
2 years ago
12

Steve weatherspoon, a super salesman contemplating retirement on his 50th birthday, decides to create a fund on an 11% basis tha

t will enable him to withdraw 14,570 per year on June 30th, beginning in 2024 and continuing through 2027. To develop this fund, Steven intends to make equal contributions on June 30th of each of the years 2020 through 2023. How much must the balance of the fund equal on June 30th 2023 in order for Steve to satisfy his objective?
Mathematics
1 answer:
Veronika [31]2 years ago
4 0

Based on the amount that Steve Weatherspoon wants to withdraw every year beginning in June 30, 2024, and the interest rate, the balance on June 30th 2023 should be $45,203.

<h3>What should the balance be in 2023?</h3>

The fact that Steve Weatherspoon wants to be able to withdraw a particular amount every year, this makes this amount an annuity.

The value in 2023 would therefore be the present value of the annuity that will then accrue to the required amounts as the years go by.

The present value of an annuity is:

= Annuity amount per year  x Present value interest factor of an annuity, 11%, 3 years between 2024 and 2027

Solving gives:

= 13,126.25 x 3.44371

= $45,203

In conclusion, the balance on the fund in 2023 should be $45,203 in order for Steve Weatherspoon to achieve his objectives.

Find out more on the present value of an annuity at brainly.com/question/25792915

#SPJ1

You might be interested in
Which is an example of the commutative property?
astra-53 [7]
A. <span>–13 + 27 = 27 + (–13) is an example of the commutative property.

The commutative property states that a + b = b + a.</span>
8 0
3 years ago
Please help! <br>What is the answer to this question?<br>​
valentinak56 [21]

Answer:

b. 80

Step-by-step explanation:

5 0
3 years ago
908,145,623,777 ten-millions place of this number.
nirvana33 [79]
Start from the right-most 7, and go one digit to the left each time:
7 - units place
7 - tens place
7 - hundreds place
3 - thousands place
2 - ten-thousands place
6 - hundred-thousands place
5 - millions place
4 - ten-millions place    <----- answer to this question
1 - hundred-millions place
8 - billions place
0 - ten-billions place
9 - hundred billions place

The ten-millions place is the 4.
7 0
3 years ago
The sequence an = 1/2 (2)^(n - 1) is graphed below:
lubasha [3.4K]
Is there a photo with this
3 0
3 years ago
Number 6 plz!! Answer fast!!
zysi [14]
IF A MOD DOESN'T DELETE THIS

8 is the GCF, so that means it's 8(3+5) = 8(8) = 64
6 0
3 years ago
Read 2 more answers
Other questions:
  • alex buys 12 DVDs.each DVD cost $15. if alex receives a $4 discount on each DVD, what is the total amount of money Alex spends?
    15·1 answer
  • Megan’s art class painted two regular murals.The size of the first mural is shown below.
    11·1 answer
  • Name three situations in which force is created
    6·2 answers
  • I am so lost, please help
    7·1 answer
  • What does x equal 6x+3=x+8
    8·2 answers
  • Is y=1 a linear equation
    10·1 answer
  • What is the decimal equivalent of 9 11 ?
    5·2 answers
  • A family owns two businesses that made a combined profit of $$$10 million in the previous financial year, with business B making
    10·1 answer
  • Best anwser gets brain thank you show work​
    12·1 answer
  • Hemanta bought a pen of Rs 75 and sold it at a profit of Rs 3.80. What is the selling price of the pen?
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!