Your Uncle Has $300, 000 Invested at 7

Multiple Choice

Your uncle has $300, 000 invested at 7.5%, and he now wants to retire.He wants to withdraw $35, 000 at the end of each year, beginning at the end of this year.He also wants to have $25, 000 left to give you when he ceases to withdraw funds from the account.What is the maximum number of $35, 000 withdrawals that he can make and still have at least $25, 000 left in the account? (Hint: If your solution for N is not an integer, round down to the nearest whole number.)

A) 12
B) 13
C) 14
D) 15
E) 16