Anita Contributes a Lump Sum of $50,000 and $350 Per

Multiple Choice

Anita contributes a lump sum of $50,000 and $350 per month in an investment earning 5.5% compounded monthly over a 10-year period. At the end of the 10th year, Anita plans to transfer her investment into another account where she can withdraw $4,000 per quarter for 10 years and still have $10,000 remaining. Based on quarterly compounding, determine what the rate of interest that will achieve this goal.

A) 2.39%
B) 2.89%
C) 3.39%
D) 4.39%
E) 4.89%