ohn invests $50,000 today for a period of 15 years with a constant annually compounded interest rate of 12%. At the end of the first year, John will be able to earn $6,000 in interest from this investment. He will be wondering if he will want to take some or all of this $6,000 out to pay some of his personal debts off because the $50,000 principal will still be able to earn him another $6,000 interest the year after.

What is the most that John can spend in equal amount out of the investment each year during the investment period of 15 years from today (rounded to the nearest whole number)?

a.

6,000

b.

7,538

c.

9,224

d.

None of the other answers are correct

e.

8,072