25% is your answer........
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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Answer:
I need a little bit more detail in the question to answer.
Step-by-step explanation:
The height of the tank must be at least 1 foot, or 12 inches. We know the floor area (which is length x width) must be at least 400 inches. Therefore these minimum dimensions already tell us that the minimum volume is 400 x 12 = 4800 cubic inches. Since we have a maximum of 5000 cubic inches, the volume must be within the range of 4800 - 5000 cubic inches.
We can set the height at exactly 1 ft (or 12 inches). Then we can select length and width that multiply to 400 square inches, for example, L = 40 inches and W = 10 in. This gives us a tank of dimensions 40 x 10 x 12 = 4800 cubic inches, which fits all the criteria.
