An ordinary annuity that earns 7.19% compounded monthly has a current balance of $500,000. The owner of the account is about to retire and must decide how much to withdraw from the account each month. Find the number of withdrawals under each of the following options.

He can withdraw $5000 monthly for

months.

B) He can withdraw $4000 monthly for

months.

C) How long can he make monthly withdrawals of $2000?

1.

He can never withdraw $2000 a month

2.

He can withdraw $2000 forever

3.

294 months