Janice Has $200,000 in an Investment and Wishes to Use

Multiple Choice

Janice has $200,000 in an investment and wishes to use this money to take time off and get her Master's degree. She plans to withdraw $2,000 per month for the first 3 years for her monthly expenses. Afterwards, she intends to increase her withdrawals to $3,000 per month. Determine how many monthly payments can be extracted after the third year if interest throughout is 5.2% compounded monthly.

A) 59 months
B) 60 months
C) 61 months
D) 62 months
E) 63 months