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

Multiple Choice

(Appendix 8A) (Ignore income taxes in this problem. ) You have deposited $16, 700 in a special account that has a guaranteed rate of return of 11% per year.If you are willing to completely exhaust the account, what is the maximum amount that you could withdraw at the end of each of the next 6 years? Select the amount below that is closest to your answer.

A) $3, 465
B) $3, 089
C) $2, 783
D) $3, 947