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 Every month $500 is withdrawn for school.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)
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 Every month $500 is withdrawn for school.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Never, unless the parameters change. 500 is added each month, 500 is withdrawn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