You have deposited $24,764 in a special account that has a guaranteed rate of return. If you withdraw $4,300 at the end of each year for 9 years, you will completely exhaust the balance in the account. The guaranteed rate of return is closest to: (Ignore income taxes.) See separate Exhibit 13B-1 and Exhibit 13B-2 to determine the appropriate discount factor(s) using table.
A. 17%
B. 10%
C. 56%
D. 6%
Answer: B
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