Your Grandmother Just Died and Left You $47,500 in a Trust

Multiple Choice

Your grandmother just died and left you $47,500 in a trust fund that pays 6.5% interest.You must spend the money on your college education,and you must withdraw the money in 4 equal installments,beginning immediately.How much could you withdraw today and at the beginning of each of the next 3 years and end up with zero in the account?

A) $10,936.07
B) $9,894.54
C) $10,805.88
D) $14,581.43
E) $13,019.14