(Ignore income taxes in this problem.)You have deposited $7,620 in a special account that has a guaranteed rate of return of 19% per year.If you are willing to completely exhaust the account,what is the maximum amount that you could withdraw at the end of each of the next 7 years? Select the amount below that is closest to your answer.
A) $1,295
B) $2,056
C) $2,219
D) $1,089

Question

Quizplus · Accepted Answer

$7,620 = X × 3.706
X = $7,620 ÷ 3.706 = $2,056 (rounded)

(Ignore Income Taxes in This Problem