Example 4. The Effects of an increase in Oil Prices: Continuing from the previous question, of policy makers do nothing, in the long run, wages (increase, decrease, stay the same), (AD, SRAS, LRAS) shifts (left, right).

You want to have $80,000 in your savings account 11 years from now, and you’re prepared to make equal annual deposits into the account at the end of each year. if the account pays 6.30 percent interest, what amount must you deposit each year? (do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)