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

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4 0

1 year ago

10 + 2n = 8n - 2n + 10

galina1969 [7]

Answer:

n=0

Step-by-step explanation:

Rearrange

10+2=8−2+10

2+10=8−2+10

Combine like terms

2n+10=8n−2n+10

2+10=6+10

Subtract from both sides

2+10=6+10

2+10−10=6+10−10

Simplify

2n=6n

Subtract both sides from 6n of the equation

2=6

2−6=6−6

Solution

n=0

5 0

2 years ago

Solve the equation. a/6 - 11 = 25

blsea [12.9K]

Answer:

a=216.

Step-by-step explanation:

What you do is you need to get a by itself.

a/6-11=25. You first add 11 to both sides.

a/6=36. Next you will times 6 on both sides to get

a=216 as your answer.

5 0

2 years ago