I need help with the following math problem?

0 ⤊

I need help with the following math problem?

How many years will it take to exhaust an IRA of $210000 if you withdraw $1800 every month?
Assume a rate of interest of 7% compounded monthly.

2007-09-23 08:22:33 · 2 answers · asked by Adawg 3 in Science & Mathematics ➔ Mathematics

2 answers

10.4 years

2007-09-23 08:32:05 · answer #1 · answered by Anonymous · 0⤊ 1⤋

you will need equation

y= 210000+210000*.07 *x - 1800*x

now since you want to exhaust solve for x when y=0

0=210000 +210000 *.07 * x - 1800 * x

plug into calculator to get answer

2007-09-23 08:31:04 · answer #2 · answered by dragongml 3 · 0⤊ 2⤋