Suppose your rich uncle gave you $50,000, which you plan to use for graduate school. You will make the investment now, and you will make 4 annual end-of-year withdrawals of $16,500, beginning 1 year from today. There will be no funds remaining in the account after the last withdrawal. What annual rate of return would be required to permit these withdrawals?
a. 10.83%
b. 11.17%
c. 11.51%
d. 11.81%
e. 12.11%