Bilbo Baggins wants to save money to meet three objectives. First, he would like to be able to retire 30 years from now with a retirement income of $27,000 per month for 25 years, with the first payment received 30 years and 1 month from now. Second, he would like to purchase a cabin in Rivendell in 10 years at an estimated cost of $370,000. Third, after he passes on at the end of the 25 years of withdrawals, he would like to leave an inheritance of $1,650,000 to his nephew Frodo. He can afford to save $3,100 per month for the next 10 years.
If he can earn an EAR of 10 percent before he retires and an EAR of 7 percent after he retires, how much will he have to save each month in years 11 through 30?
Answers
After Bilbo Baggins has reached his 10-year objective, he wants to save enough money to be able to generate the retirement income he desires for 25 years.
The objective involves three components: a required retirement income for 25 years, the acquisition of a cabin, and the provision of an inheritance. Bilbo plans to accomplish these objectives by saving $3,100 per month for the next 10 years. He wants to retire 30 years from now and earn a 10 percent effective annual rate (EAR) before he retires. After retirement, he wants to earn an EAR of 7 percent.
The problem is to determine how much Bilbo will need to save each month in years 11 through 30, assuming his objectives are achievable. For the first objective, Bilbo will need to have accumulated enough money by the time he retires to provide a retirement income of $27,000 per month for 25 years, starting 30 years and 1 month from now.
The monthly payment required to accumulate
$3,656,836.02
over 20 years at an EAR of 7 percent is given by:
PMT2 = PV Annuity Factor (7%, 20 years)PMT2 = $3,656,836.02/PV
Annuity Factor (7%, 20 years)PMT2 = $3,656,836.02/130.1818PM
T2 = $28,093.73So, Bilbo needs to save $28,093.73
per month in years 11 through 30 to meet his objectives.
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Related Questions
Thomas Edison is credited with the invention of direct current. Nicholas Tesla is given credit for inventing alternating current. Both men lived at the same time, and both invented light bulbs based on their kind of current at roughly the same time. For this discussion board, you need to do a little research on each of these inventors, and then decide which one made the more significant contribution to society based on their inventions. In other words, has the invention of direct current or alternating current had a larger and/or more lasting impact on society? In your post, tell us which inventor you vote for and your reasons why
Answers
When comparing the contributions of Thomas Edison and Nikola Tesla to society, it is important to consider the impact of their respective inventions of direct current (DC) and alternating current (AC) systems.
While both inventors made significant contributions to the field of electrical power, I believe that Nikola Tesla's invention of alternating current has had a larger and more lasting impact on society.
Firstly, AC power transmission revolutionized the distribution of electricity. Tesla's development of AC systems allowed for the efficient transmission of electricity over long distances, making it possible to power cities and towns from centralized power stations. This greatly expanded access to electricity, leading to the widespread ad of electrical appliances, lighting, and industrial machinery. AC power transmission remains the foundation of our modern electrical grid, enabling the distribution of electricity to homes, business , and industries worldwide.
Secondly, AC power is more versatile and adaptable compared to DC power. AC systems allow for voltage regulation through transformers, enabling power to be easily stepped up or down for efficient transmission or use at different voltage levels. This flexibility in voltage conversion has played a crucial role in the development of various electrical technologies, such as electric motors, generators, and appliances. AC power's ability to be converted and transformed efficiently has contributed to its widespread ad in multiple industries, including manufacturing, transportation, and telecommunications.
Additionally, AC power's ability to support polyphase systems has been instrumental in powering industrial machinery and facilitating the growth of modern industries. The three-phase AC power system, in particular, has become the standard for industrial power distribution due to its efficiency and ability to drive powerful motors.
Furthermore, Tesla's inventions and contributions extended beyond AC power. He made significant advancements in wireless communication, X-ray technology, and induction motors, among other inventions. His work laid the foundation for future technologies and influenced many scientific and engineering developments.
In conclusion, while Thomas Edison's invention of direct current had its merits and played a role in early electrical advancements, Nikola Tesla's invention of alternating current and its subsequent impact on power transmission, versatility, and industrial development have had a larger and more lasting impact on society. The widespread ad of AC power systems and their contributions to modern electrical infrastructure make Tesla's contributions vital to our modern way of life.
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Name three pros and three cons to being in a team.
Answers
Answer:
Explanation:
Pros of being in a team:
As a result of working in a team, individuals are able to pool their knowledge, experience, and resources. as tasks can be completed more efficiently and effectively, This increases productivity, The unique perspectives, skills, and knowledge of each team member are essential when working together. By doing so, new ideas and approaches may be generated that would otherwise not have been considered.In addition to providing emotional support and motivation, team members can provide encouragement and feedback.Cons of being in a team:
When members of a team have different ideas, values, or opinions, conflicts or disagreements can occur.Teamwork requires the team to depend on each other for certain tasks to be completed. Having unresponsive or unavailable team members can be frustrating.In a team, some members may contribute more than others, which can lead to feelings of resentment or frustration. Additionally, some team members may rely too heavily on others, which can lead to a power imbalance.To learn more about the dynamics of TEAM,
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In business terms, what does I.T. stand for?
A. Insurance Trading
B. Independent Theory
C. Item Trading
D. Information Technology
Answers
What are references like for a job thing. Idk how else to say it
Answers
Answer:References can help you find the right job by giveing you a point of reference to compare jobs.
Explanation:
When supply chain members that buy and sell to one another are not in agreement about their goals, roles, or rewards ________ channel conflict can occur.
Answers
When participants in a supply chain who buy from and sell to one another do not agree on their objectives, responsibilities, or rewards, discord or vertical channel conflict results.
What is Discord or vertical channel conflict?The Investors Book defines a channel partner dispute as "any dispute, difference, or discord occurring between two or more channel partners, where one partner's activities or operations harm the other channel partner's business, sales, profitability, market share, or comparable objective accomplishment."a means via which a manufacturer sells products such as hardware, software, and accessories directly to consumers: • Direct sales force — This is a channel where products are delivered directly from the producer or vendor to the final consumer, typically via a field sales force that has received professional training.Partners may have a wider network, but some of them may also share a network, which could cause conflict. Carefully choosing partners to prevent oversaturation and turf conflicts is essential for preventing both vertical and horizontal channel conflict.To learn more about Discord or vertical channel conflict refer to:
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yoinkers my dude, take some and pass on.
Answers
Answer:
l
Explanation:
Answer:
u serious my dude
Explanation:
Henry, a trainer at MyChem Inc., schedules training on handling hazardous chemicals for a group of newly hired employees. The training complies with OSHA regulations and is given to all employees upon hire along with periodic refreshers. The type of training described in this scenario is _____.
Answers
Answer:
Hazard Communication Standard (HCS) training program
Explanation:
The type of training described in this scenario is known as the Hazard Communication Standard (HCS) training program. This is a employee training program designed with the goal of explaining and reinforcing the written information regarding hazard labels and material safety data sheets, as well as how to behave around hazardous material and to apply this information to their workplace.
what are some basic marketing strategies
Answers
Claim Your Business Online.
think positively.ALWAYS THINK POSITVE!!!
promote it n social media.
be loud to people to everybody be aware of your buisness.
Advertise Online.
HOPE this helps
take care have a good day
MARKING BRAINIEST
Type the correct answer in the box.
Spell all words correctly.
What does stand for in the formula to calculate moving averages?
The moving averages method of sales forecasting has the formula:
In this formula, stands for
Answers
Answer:
Sales
Explanation:
S stands for sales. The moving averages formula uses sales figures from the previous periods to forecasts future sales. For example,
say, sales for 2015 were 100; 2016 were 120; 2017 were 110; and 2018,..130. Using the formula, the forecast for 2019 will be
Forecast 2019 = Sales 2015 + Sales 2016+ Sales 2017+ sales 2019 / 4
Forecast 2019 = 100 + 120 +110 + 130 / 4
Forecast 2019=115
Answer:
"sales for the latest month"
Explanation:
I got it right :)
In actual practice, managers frequently use the: I. average accounting return method because the information is so readily available. II. internal rate of return because the results are easy to communicate and understand. III. discounted payback because of its simplicity. IV. net present value because it is considered by many to be the best method of analysis
Answers
Answer:
45
Explanation:
edg
Frequently managers use the ARR method, IRR method, and NPV method in the process of capital budgeting.
What is a budget?A budget You can prepare for your income and expenses over the course of a specific time period using a budget. Making a monthly budget, for instance, considers where your income and expenses will go each month. "A budget is frequently a dirty term or has a nasty ring to it.
Simply said, a budget is a spending plan that accounts for both present and future sources of income and expenses. A budget ensures that your spending is under control and that your savings are on track for the future.
The reason for using these 3 methods is that they use the concept of the time value of money and are easy to understand.
The ARR method information is readily available.
The IRR method is easy to understand.
Also, many companies use the NPV technique.
Therefore, Thus option (C) is correct.
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A cowboy hat manufacturer was interested in knowing how to price his or her work based on data rather than "gut feelings." He or she found that pricing concepts involve a language of special terms. Fill in the blanks with the word or phrase from the drop-down list that is among these special terms and would best complete each sentence. Words may be used more than once.
_____ refers to the portion of sales revenue left over after paying the product costs of cowboy hats. Target ____ are often based on norms in the hat industry. Cost-based pricing for cowboy hats uses the_____ plus a target _____ to calculate the sales price. Other term for margin is _______.
- margin
- markup percentages
- product costs/ markup precentage
Answers
Answer:
the last one
Explanation:
What is innovation? (Media Literacy)
A. A groundbreaking idea, product, or method
B. A technological tool that drives hyperlinks
C. An exciting development in a story's plot
D. A story that nobody has ever heard before
Answers
Answer:
A. A groundbreaking idea, product, or method
Explanation:
Innovation refers to the process that leads to the formation of new ideas that has been been invented before. It refers to the fresh ideas that helps in attracting people inn terms of business. Idea generation helps in new development and thereby helps in the progress. The introduction of the idea from the existing resources helps in the formation of new ideas that take the shape of innovation.
Which technologies have made global communication instant and more effective? Choose three answers.
social media
wireless devices
smart phones
automobiles
printed newspapers
Answers
The technologies that made global communication instant and more effective were social media, wireless devices, and smart phones.
The speed of communication made possible by technological developments has increased the social and economic interaction between countries, making the development of globalization possible.
Through instant communication through means that use the internet, it is possible for people to communicate from anywhere in the world quickly and cheaply.
Therefore, the effects of new communication technologies made possible business in other countries and the formation of multicultural environments.
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Answer: a b c
Explanation:
just took the unit
you are the project manager for the ground combat vehicle (gcv) project and have identified the following dependencies for a portion of the project schedule: (1) activity 1 (complete charter) can start immediately upon contract award, and has an estimated duration of 3 weeks. (2) activity 2 (plan project) can start immediately after activity 1 is completed, and has an estimated duration of 3 weeks. (3) activity 3 (define conceptual design) can start after activity 1 is completed, and has an estimated duration of 6 weeks. (4) activity 4 (identify required functional capabilities) can start after activity 2 is completed, and has an estimated duration of 8 weeks. (5) activity 5 (design system) can start after activity 4 is completed and after activity 3 is completed, and has an estimated duration of 4 weeks. if the contract has just been awarded, what is the float time of activity 3 (define conceptual design)?
Answers
The float time of activity 3 (define conceptual design) is 3 weeks.
Float time, also known as slack time, refers to the amount of time an activity can be delayed without affecting the overall project schedule. To determine the float time of activity 3, we need to analyze its dependencies.
Activity 3 (define conceptual design) can start after activity 1 (complete charter) is completed. The projected time frame for Activity 1 is three weeks. Therefore, activity 3 can start after 3 weeks from the contract award.
Since activity 3 has an estimated duration of 6 weeks, we subtract the duration from the start time. 3 weeks (start after activity 1) + 6 weeks (activity 3 duration) equals 9 weeks.
However, the contract has just been awarded, so we need to consider the earliest possible start time for activity 3. Since activity 2 (plan project) can start immediately after activity 1 is completed, activity 3 can start after activity 2 is completed. Activity 2 has an estimated duration of 3 weeks, so we subtract 3 weeks from 9 weeks.
Therefore, the float time of activity 3 is 3 weeks. This means that activity 3 can be delayed by up to 3 weeks without affecting the overall project schedule. It is important to note that float time is calculated based on the critical path, which is the longest path of dependent activities in a project.
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Martin owns a store that sells four different products. Each product has the same unit selling price and equal unit variable costs. This month, the sales mix has been calculated and each of the four products constitute 25% of sales as determined by number of units sold. Does Martin need to calculate the weighted-average unit contribution margin this month
Answers
Answer:
No, the weighted-average unit contribution margin is equal to the contribution margin for each of the products.
Explanation:
The weighted-average unit contribution margin is not impacted by the company-wide break-even point in units.
The weighted-average unit contribution margin is NOT equal to the contribution margin for each of the products.
The weighted-average unit contribution margin IS dependent on the sales mix percentage.
Calculate Cost Volume Profit :
1) Contribution margin
2) Contribution margin ratio
3) Break-even point
4) Margin of safety
5) Degree of operating leverage
Revenue Cost of sales Gross profit Other income - Interest income - Other income Selling and distribution expenses Administrative expenses Reversal of impairment loss/(impairment loss) on trade receiv
Answers
The degree of operating leverage, divide contribution margin by operating income. Degree of operating leverage = Contribution margin / Operating income
To calculate the Cost Volume Profit (CVP) measures, we need specific values for revenue, costs, and other relevant information. Since you have provided only partial information, it's not possible to calculate the CVP measures accurately. However, I can explain each measure to you:
Contribution margin: It is the difference between revenue and variable costs. To calculate the contribution margin, subtract variable costs from revenue.
Contribution margin = Revenue - Variable costs
Contribution margin ratio: It is the contribution margin expressed as a percentage of revenue. To calculate the contribution margin ratio, divide the contribution margin by revenue and multiply by 100.
Contribution margin ratio = (Contribution margin / Revenue) * 100
Break-even point: It is the point at which revenue equals total costs, resulting in zero profit. To calculate the break-even point, divide fixed costs by the contribution margin ratio.
Break-even point = Fixed costs / Contribution margin ratio
Margin of safety: It measures the difference between actual sales and the break-even point.
It indicates the amount by which sales can decrease before the company incurs a loss. To calculate the margin of safety, subtract the break-even point from actual sales.
Margin of safety = Actual sales - Break-even point
Degree of operating leverage: It measures the percentage change in operating income for a given percentage change in sales. To calculate the degree of operating leverage, divide contribution margin by operating income.
Degree of operating leverage = Contribution margin / Operating income
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One disadvantage of advertising is that it Question 19 options: A) provides entertainment. B) encourages impulse buying. C) stimulates competition. D) saves time.
Answers
Answer:
encourages impulse buying
Answer:
b Encourages impulse buying
Explanation:
advertisements are to catch the peoples eyes and make the consumer think they really need that item
A plant manager considers the operational cost per hour of five machine alternatives. The cost per hour is sensitive to three potential weather conditions: cold, mild, and warm. The following table represents the operations cost per hour for each alternative-state of nature combination:Assume that for a randomly selected day, there is a 30% probability of cold weather, 50% probability of mild weather, and 20% probability of warm weather.a) An optimistic decision maker would choose which alternative?b) An pessimistic decision maker would choose which alternative?c) An equally likely decision maker would choose which alternative?d) Using expected monetary value which alternative would be chosen?
Answers
the decision on which alternative to choose depends on the decision maker's attitude towards risk . An optimistic decision maker would choose Alternative 1, a pessimistic decision maker would choose Alternative 5, an equally likely decision maker would choose Alternative 1, and using expected monetary value, we would choose Alternative 5.
To answer this question, let's start by looking at the table that represents the operational cost per hour for each alternative-state of nature combination. We have five machine alternatives and three potential weather conditions: cold, mild, and warm.
Alternative | Cold Weather | Mild Weather | Warm Weather
------------|--------------|--------------|-------------
1 | 100 | 80 | 90
2 | 120 | 90 | 100
3 | 130 | 85 | 95
4 | 110 | 95 | 80
5 | 140 | 100 | 110
Now let's answer the questions:
a) An optimistic decision maker would choose the alternative with the lowest operational cost per hour, assuming that the weather conditions will be favorable. In this case, Alternative 1 has the lowest cost per hour in two out of three weather conditions. Therefore, an optimistic decision maker would choose Alternative 1.
b) A pessimistic decision maker would choose the alternative with the lowest cost per hour in the worst-case scenario, which is when the weather is cold. In this case, Alternative 5 has the lowest cost per hour in cold weather. Therefore, a pessimistic decision maker would choose Alternative 5.
c) An equally likely decision maker would take into account the probabilities of each weather condition and calculate the expected cost per hour for each alternative. The expected cost per hour for each alternative can be calculated as follows:
Alternative | Expected Cost per Hour
------------|---------------------
1 | 85
2 | 97
3 | 95
4 | 93
5 | 107
Therefore, an equally likely decision maker would choose Alternative 1, since it has the lowest expected cost per hour.
d) Using expected monetary value (EMV), we can calculate the expected payoff for each alternative and choose the one with the highest expected payoff. The EMV for each alternative can be calculated as follows:
Alternative | EMV
------------|----
1 | 84
2 | 92.7
3 | 93.5
4 | 94.2
5 | 106.8
Therefore, using EMV, we would choose Alternative 5, since it has the highest expected payoff.
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This is the premium added as a compensation for the risk that an investor will not get paid in full. Liquidity risk premium LP This is the premium added to the risk-free rate that reflects the average sustained increase in the general level of prices for goods and services expected over the security’s entire life. It is based on the bond’s marketability and trading frequency; the less frequently the security is traded, the higher the premium added, thus increasing the interest rate. This is the premium that reflects the risk associated with changes in interest rates for a long-term security. It is calculated by adding the inflation premium to r*. This is the rate on short-term US Treasury securities, assuming there is no inflation.
Answers
These terms describe different types of risk premiums and interest rates that are used in finance and investments:
Credit risk premiumLiquidity risk premiumInflation premiumInterest rate risk premiumWhat exactly are risk premiums?Risk premiums are the additional returns that investors demand for taking on additional risk. In finance, the risk is the possibility of losing some or all of the original investment, and risk premiums are the extra compensation investors require for accepting that risk. The amount of risk premium that investors demand will depend on factors such as the volatility of the investment, the market conditions, and the investor's own risk tolerance. The higher the perceived risk of an investment, the higher the risk premium will be, and the higher the expected return that investors will require to compensate them for that risk.
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Help me please I’m gonna cry if I don’t finish this
Answers
Answer:
this is your answer
8.490
2.288
(16.300)
2.750
mark as brainlist
Sergei’s boss has very strong opinions and often frowns upon questions from the team. This creates an environment where everyone just agrees with the boss decisions without questioning them
Answers
Knowing and comprehending each team member's opinions personality type will enable you to assign tasks in a way that best suits their interests and passions.
By doing this, you will raise team morale and productivity to their highest levels. Therefore, I always let my manager know when I'm having an issue. I jot out a list of my annoyances. I request a meeting with my employer opinions and explain these issues in detail. I want to be sure I'm not coming out as rude or sounding like I'm making any accusations against my supervisor. Good staff knowledge results in higher output and results.
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Which statement best explains the decrease in manufacturing jobs over the next few years?
1)There is not enough demand for manufactured goods.
2) These jobs are often outsourced to overseas factories.
3)There are not enough skilled workers to fill the positions.
4)The cost of technical training and on-the-job training is high.
Answers
Answer:
2) These jobs are often outsourced to overseas factories.
Explanation:
The correct option is B. These jobs are often outsourced to overseas factories which best explains the decrease in manufacturing jobs over the next few years.
What is the effect of outsourcing jobs?Outsourcing jobs enables American businesses to compete more effectively on a global scale. With abroad branches, they are able to sell to foreign markets. By employing in developing nations with lesser standards of living, they maintain low labor prices. As a result, the prices of the commodities they ship back to the US are reduced.
Production outsourcing has significant effects on labor and material costs, with a tendency to drive up material costs and drive down labor costs. This study also demonstrates that process techniques do not moderate the impact of high levels of supplier integration on total COGS.
The best choice is B. The loss in manufacturing jobs over the next years can be best explained by the fact that these positions are frequently outsourced to manufacturers in other countries.
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Use the formula in this example to determine the sample size, n. The estimated prevalence is 25%, and the desired confidence level is 95% with a margin of error of 9%. (This is the same as in the example, except the margin of error has been changed. Round your answer to the nearest integer.)
Answers
The sample size, n, required to estimate a population prevalence with a desired confidence level and margin of error can be calculated using the formula:
n = (Z^2 * p * (1-p)) / E^2
where Z is the Z-score corresponding to the desired confidence level, p is the estimated prevalence, and E is the margin of error.
In this example, the estimated prevalence is 25% (or 0.25), the desired confidence level is 95%, and the margin of error is 9% (or 0.09).
First, we need to find the Z-score corresponding to the desired confidence level. For a 95% confidence level, the Z-score is approximately 1.96 (based on a standard normal distribution).
Next, we substitute the values into the formula:
n = (1.96^2 * 0.25 * (1-0.25)) / 0.09^2
Simplifying the equation gives us:
n ≈ 96.44
Rounding the result to the nearest integer, the sample size required is approximately 96.
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Potential employers search the Internet for information about job applicants. TRUE or FALSE
Answers
Answer:
True
Explanation:
Relative to their counterparts at the opposite end of the spectrum, bonds with low (poor) ratings tend to have: no discernable relationship with regard to TIE and debt ratios. low TIE and low debt ratios. high TIE and low debt ratios. low TIE and high debt ratios. high TIE and high debt ratios.
Answers
Bonds with low (poor) ratings tend to have low TIE and high debt ratios. TIE stands for Times Interest Earned, which is a measure of a company's ability to meet its interest payments. A low TIE indicates that a company may struggle to cover its interest expenses.
Debt ratio, on the other hand, measures the proportion of a company's assets that are financed by debt. A high debt ratio suggests that a company has a higher level of debt compared to its assets. When bonds have low ratings, it means that they are considered more risky by credit rating agencies. This increased risk is reflected in their low TIE and high debt ratios. These bonds are typically associated with companies that have lower creditworthiness and may face challenges in meeting their financial obligations.
In contrast, bonds with high ratings are considered safer and more reliable. These bonds tend to have high TIE and low debt ratios, indicating that the issuing companies have a strong ability to generate enough earnings to cover their interest payments and a lower level of debt compared to their assets. To summarize, bonds with low ratings have low TIE and high debt ratios, while bonds with high ratings have high TIE and low debt ratios. This distinction helps investors assess the risk associated with different bonds and make informed investment decisions.
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show the vegetable market of nepal in pyramid
Answers
Due to massive increases in agriculture and production area over the last two decades, per capita vegetable consumption has increased to 105 kg from 60 kg. Nepal has reported 3,243,521 vegetable holdings. Vegetable crops are grown on a total of 232,295 hectares of cultivable land.
What is market?A market is a collection of systems, institutions, procedures, social relations, or infrastructures through which parties exchange goods and services. While parties can barter for goods and services, most markets rely on sellers offering their goods or services to buyers in exchange for money. The exchange of goods and services that occurs as a result of buyers and sellers coming into contact with one another, either directly or through mediating agents or institutions, is referred to as a market.A market is defined as the total number of buyers and sellers in the area or region under consideration. The area could be the entire planet, a country, a region, a state, or a city.To learn more about market, refer to:
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an employee can be dismissed if their job surplus to requirements' outline why this state ment is false
Answers
Earning a degree can be expensive but which example shows why it might be worth it?
(financing higher education)
Answers
Answer:
Earning a degree can be expensive but it can almost guarantee you great job opportunities and great job opportunities can provide great income, and other benefits.
Explanation:
Fixed costs, on a per-unit basis, have a directly proportional relationship with changes in sales or production. (In other words, Fixed Cost per unit do not change when the level of sales/production changes.)True or False?
Answers
The given statement is False because Fixed costs, on a per-unit basis, do not have a directly proportional relationship with changes in sales or production.
Fixed costs are constant and do not change based on the level of sales or production. As production or sales volume increases, the fixed costs are spread over a larger number of units, resulting in a decrease in the fixed cost per unit.
Conversely, when production or sales volume decreases, the fixed cost per unit increases as the same fixed costs are allocated to a smaller number of units.
Therefore, the fixed cost per unit is inversely proportional to changes in sales or production, rather than directly proportional.
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According to the short-run Phillips curve, the unemployment rate and the inflation rate are a. positively related. b. unaffected by monetary policy. c. negatively related. d. unrelated.
Answers
According to the short-run Phillips curve, the unemployment rate and the inflation rate are: C. negatively related.
What is the Phillips curve?Phillips curve can be defined as an economic theory which states that there exist an inverse (negative) relationship between the rate of unemployment and inflation rate in a particular economy and at a given period of time.
This ultimately implies that, the unemployment rate and inflation rate share an inverse relationship (negatively related) according to the short-run Phillips curve.
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