(Ignore Income Taxes in This Problem

Multiple Choice

(Ignore income taxes in this problem.) You have deposited $16,727 in a special account that has a guaranteed interest rate. If you withdraw $4,300 at the end of each year for 5 years, you will completely exhaust the balance in the account. The guaranteed interest rate is closest to:

A) 6%
B) 29%
C) 9%
D) 26%