Complicating math algorithm
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Complicating math algorithm

[From: ] [author: ] [Date: 12-01-27] [Hit: ]
Every month $500 is withdrawn for school. After how many years is the bank account depleted?(Please include the steps on getting the answer)-Never, unless the parameters change. 500 is added each month, 500 is withdrawn-1.......
This is a homework problem I've been working on for about an hour, any answers?
Problem: A bank account starts out with $10,000. Interest is compounded monthly at 6% per year (0.5% per month). Every month $500 is withdrawn for school. After how many years is the bank account depleted?
(Please include the steps on getting the answer)

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Never, unless the parameters change. 500 is added each month, 500 is withdrawn

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1.75 years
1
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