Answer:
Step-by-step explanation:
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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Tom and Martin worked <u>9 hours</u> this week.
These are their hourly wages:
Tom: $2.15
Martin: $2.50
This means that:
Tom earned 9 x $2.15 in wages, which is equal to $19.35.
Martin earned 9 x $2.50 in wages, which is equal to $22.50.
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Now, we've been told that Tom and Martin sold $360 worth
of meals but we were not told how much they received in tips.
For all intents and purposes, let's say that they received $n
in tips. 15% of $n in tips would be less than 20% of $n
in tips. Now, Martin is already going to be receiving a higher
wage, and the fact that he is going to be receiving 20% of
$n in tips compounds the logical conclusion that at the end
of the week, he'd be leaving work with more money than Tom.
Answer:
Martin made more money than Tom.
Answer:
8% C = 4 1% C = 4 ÷ 8 =0.5 100% C = 0.5 × 100 = 50
Answer:
wouldn't it be all the ones ending in 8? so wouldn't it be 3/8, 2/8, 4/8, and 8/8?
Step-by-step explanation:
