Excercise 37. Visual Basic Code

e ah $3000 in the account? See Fig. 6.16. 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 For one type of annuity, a large amount of money is deposited into a bank account and then a fixed amount is withdrawn each month.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 wil amount in the account at that time? See Fig. 6.17. (1.003).[balance at end of previous month] - 600 l be the Annuity Amount of initial deposit: 10000 Annuity Determine When Balance $600 Determine When Balance