Think of it this way. Let's say t= one. 1+8 is 9. Your answer is 9t. Think of a variable without a number as one.
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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To find if a point is a solution to a system of equations, we need to plug in the x and y values of the point into each equation, and see if the equation is true.
Let's plug it into the first equation first:
-2(3) - 4(-2) might = 2
-6 + 8 = 2
The first equation is true.
Now, we need to check the second equation:
3(3) + 4(-2) might =8
9 - 8 does not = 8
Therefore, even if the point satisfies one equation, it does not satisfy the other. We can conclude that this is not a solution.
Hope this helps!
