(Ignore Income Taxes in This Problem

Multiple Choice

(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%