Suppose that Katy has $112,000 left after taxes from her IRA. She puts the entire balance into a savings account at a local bank, where she invests it at a 3.1% nominal rate, compounded monthly. To supplement her social security pension, she wants to take monthly payments of $1,000 at the end of each month as long as the money lasts. How many months will she be able to do so? 2