SOLUTION: Wilma wants to withdraw $500 every month for three years. What amount must be deposited now into an ordinary annuity if it earns 6% compounded monthly?

Question 866290: Wilma wants to withdraw $500 every month for three years. What amount must be deposited now into an ordinary annuity if it earns 6% compounded monthly?
Answer by josgarithmetic(39620) (Show Source): You can put this solution on YOUR website!
This equation is based on taking 500 dollars in interest every month at annual rate of interest r with balance in the annuity, B.

dollars
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