Suppose your rich uncle gave you $60,000, which you plan to use for graduate school. You will make the investment now, you expect to earn an annual return of 5%, and you will make 4 equal annual withdrawals, beginning 1 year from today. Under these conditions, how large would each withdrawal be so there would be no funds remaining in the account after the 4th withdrawal?

Group of answer choices

$14,832.46

$14,078.83

$15,408.33

$16,767.58

$16,920.71