Father's Employer Was Just Acquired, and He Was Given a Severance

Multiple Choice

father's employer was just acquired, and he was given a severance payment of $375,000, which he invested at a 7.5% annual rate.He now plans to retire, and he wants to withdraw $35,000 at the end of each year, starting at the end of this year.What is the maximum number of whole payments that can be withdrawn before the account is exhausted; i.e., before the account balance would become negative? (Hint: Round down to the nearest whole number.)

A) 22
B) 23
C) 24
D) 25
E) 26