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Your parents have established a college savings fund for you by depositing $61,500. If you can withdraw $15,000 annually at the end of each year

Your parents have established a college savings fund for you by depositing $61,500. If you can withdraw $15,000 annually at the end of each year for 5 years, what approximate rate of interest is being earned on the fund?

A.

22%
B.

7%
C.

2.4%
D.

4.1%

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