Answer
It is possible to withdraw $112.54 from this account every month for 5 years.
Work Step by Step
The formula for the payment value for an ordinary annuity is:
$PMT = PV\frac{i}{1 - (1+i)^{-n}}$
Where:
$PV = 6,000$
** The withdrawals are made monthly, so m = 12.
$i = r/m = \frac{0.0475}{12}$
$n = mt = 12 * 5 = 60$
So:
$PMT = (6,000)\frac{\frac{0.0475}{12}}{1 - (1+\frac{0.0475}{12})^{-60}} = 112.54$
