(Appendix 8A)(Ignore Income Taxes in This Problem

Multiple Choice

(Appendix 8A) (Ignore income taxes in this problem. ) 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%