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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Keep in mind that we're framing it based on what the first sentence says, which is "If the cost of a competing factor of production, such as a machine that also could do the job, rises".
So if the cost of getting a machine part, various parts, or the entire machine cost rises, then demand for the machine will go down. This will make employers seek out substitutes. In this case, those substitutes would be human labor. As employers demand for labor goes up, the wages will rise assuming the supply of workers is held constant. If the supply of workers increased, then you could argue the wages could go down. So that's why I'm assuming the supply is held in check.
Answer:
A, B, D, G, and F
Step-by-step explanation:
A. No, Not every boy has the same arm length.
I don't know any others sorry.=(
