You have deposited $23,884 in a special account that has a guaranteed rate of return. If you withdraw $4,000 at the end of each year for 8 years, you will completely exhaust the balance in the account. The guaranteed rate of return is closest to: (Ignore income taxes.)

Click here to view Exhibit 13B-1 and Exhibit 13B-2, to determine the appropriate discount factor(s) using the tables provided. (Round your intermediate calculations to 3 decimal places.)

Garrison 16e Rechecks 2017-12-15

Multiple Choice

• 7%

• 8%

• 6%

• 9%