You Have Deposited $15,584 in a Special Account That Has

question 2

Multiple Choice

You have deposited $15,584 in a special account that has a guaranteed rate of return. If you withdraw $3,700 at the end of each year for 5 years, you will completely exhaust the balance in the account. The guaranteed rate of return is closest to:

• A)6%
• B)19%
• C)24%
• D)4%