Rather than spending her $48,000 in casino winnings, Christy places the money in an investment that will earn her 5% per year, compounded annually. She will withdraw the money in four equal annual installments beginning one year from today. What must the approximate amount of each annual withdrawal be for this investment to be fully depleted in four years?

a. $11,136.38

b. $12,892.56

c. $12,243.47

d. $13,536.61