document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1054634>Question 1054634</A>: <I><SPAN STYLE=\"word-break: break-all;\"> A Client has $160,000.00 getting 3% interest.  Client would like to Withdrawal $600 per month.  How long would the $160K last at that Withdrawal/Interest Rate?\r<BR>\n" );
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document.write( "Thank you! </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #669822 by </B><A HREF=/tutors/aboutme.mpl?userid=addingup><B>addingup(3677)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=addingup><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=addingup><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=669822\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Is the 3% compounded monthly? Quarterly? Annually? I will assume it's compounded monthly<BR>\n" );
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document.write( "n = number of withdrawals(we will find this number)<BR>\n" );
document.write( "A = present value 160,000<BR>\n" );
document.write( "P = monthly payment 600<BR>\n" );
document.write( "i = interest monthly 0.03/12 = 0.0025<BR>\n" );
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document.write( "n = log[P/(P-A*i)]/log(1+i)<BR>\n" );
document.write( "n = log[600/(200-15000*.0025)]/log(1.0025) = <BR>\n" );
document.write( "n = log(600/162.5)/0.0025<BR>\n" );
document.write( "n = 0.5673/0.0025 = 226.92<BR>\n" );
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document.write( "I think the numbers are correct. Good luck. </SPAN>\n" );
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