Sophia purchased a variable annuity contract with $45,000 purchase payment. surrender charges begin with 9 percent in the first year and decline by 2 percent each year. in addition, sophia can withdraw 12 percent of her contract value each year without paying surrender charges. in the first year, sophia needed to withdraw $9,700. assume that the contract value had not increased or decreased because of investment performance. what was the surrender charge sophia had to pay?

The business cycle is the periodic but irregular up-and-down movement in economic activity, measured by fluctuations in real gross domestic product (gdp) and other macroeconomic variables. a business cycle is typically characterized by four phases—recession, recovery, growth, and decline—that repeat themselves over time. economists note, however, that complete business cycles vary in length. the duration of business cycles can be anywhere from about two to twelve years, with most cycles averaging six years in length. some business analysts use the business cycle model and terminology to study and explain fluctuations in business inventory and other individual elements of corporate operations. but the term "business cycle" is still primarily associated with larger (industry-wide, regional, national, or even international) business trends.

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Answer the correct answer is price ceiling;