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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 For one type of annuity, a large amount of money is deposited into a bank account and then a fixed amount is withdrawn each month.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 ] - 600. balance at end of month] (1.003).[balance at end of previous month 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