Annuity Redo Exercise 37 with the amount of money deposited being input by the user....

Annuity Redo Exercise 37 with the amount of money deposited being input by the user. See Fig. 6.18.

Redo Exercise 37

Annuity An annuity is a sequence of equal periodic payments. For one type of annuity, a large amount of money is deposited into a bank account and then a fixed amount is withdrawn each month. Suppose you deposit $10,000 into such an account paying 3.6 % interest compounded monthly, and then withdraw $600 at the end of each month. The monthly interest rate will be .036/12 or .003, and the balance in the account at the end of each month will be computed as

[balance at end of month] = (1.003) · [balance at end of previous month] - 600.

After how many months will the account contain less than $600, and what will be the amount in the account at that time? See Fig. 6.17