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How large can each of the annual withdrawals be

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Question 1: Racquel deposited $40,000 in an account paying 4.8% annual interest in 2009. She now wants to make four equal annual withdrawals from the account starting with the first withdrawal in 2021. Racquel also wants to have exactly $60,000 left in the account in 2026. How large can each of the annual withdrawals be?

Group of answer choices

Option 1: $4,843.16

Option 2: $6,092.84

Option 3: $31,517.81

Option 4: $6,385.30

Option 5: $2,472.81

Reference no: EM132596976

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