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Jasmine has $ 2 5 , 0 0 0 invested in a mutual fund. She has set up a withdrawal plan, in which she withdraws

Jasmine has $25,000 invested in a mutual fund. She has set up a withdrawal plan, in which she withdraws 15% at the end of each year. Assuming that the portfolio will grow by a steady 7% per year, what is the value remaining in the portfolio at the end of the first year?
a) $26,750.00
b) $22,737.50
c) $23,000.00
d) $25,000.00
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