Gabby Has $70,000 Deposited in an Account Earning 2

Multiple Choice

Gabby has $70,000 deposited in an account earning 2.5% interest annually. She plans to withdraw a certain amount from this account at the start of each semi-annual period over 5 years and still have $15,000 remaining. Determine the amount of each payment.

A) $5,994.62
B) $5,485.31
C) $5,015.68
D) $4,910.50
E) $4,288.22