Clarence has a retirement fund of $300,000 that earns 11% compounded quarterly. His plan is to withdraw $3,000 at the end of every month for 12 years and then increase the monthly withdrawals to $5,000. How many $5,000 withdrawals will he be able to make?

Clarence has a retirement fund of $300,000 that earns 11% compounded quarterly. His plan is to withdraw $3,000 at the end of every month for 12 years and then increase the monthly withdrawals to $5,000. How many $5,000 withdrawals will he be able to make? Select one: a. 48 b. 51 C. 43 d. 56 e. 30