First, find the future value of the deposits at the end of 30 years. They are in the form of an Annuity Due, therefore, set your financial calculator to BGN mode;
Total duration; N = 30
One-time present cashflow; PV = 0
Interest rate per year; I/Y = 9.5%
Recurring payment ; PMT = -2,600
then CPT FV = 426,160.32
Next, find the recurring amount of withdrawal for the 25 years. Because this is an ordinary annuity(made at the end of every year), set your financial calculator back to "END" mode;
Total duration; N = 25
Present value; PV = - 426,160.32
Interest rate per year; I/Y = 3.5%
One-time future cashflow FV = 0
then CPT PMT = 25,856.87
Therefore annual annuity amount you will withdraw is $25,856.87
Price elasticity of supply is defined as the degree to which quantity of a product supplied is sensitive to changes in price.
In a competitive market when the price of a good increases its supply also increases. This is because suppliers want to make more profit from the higher product price.
Price elasticity of supply = %∆ Quantity ÷ %∆ price
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