Stacey Has $5,000,000 on Deposit in a Fund That Earns

Multiple Choice

Stacey has $5,000,000 on deposit in a fund that earns 9% interest compounded annually. How much can Stacey withdraw annually from the fund in ten equal annual withdrawals to completely deplete the fund after the tenth draw, assuming the first withdrawal occurs one year from today?

A) $450,000
B) $714,771
C) $779,100
D) $555,555