Problem:
Your grandmother just died and left you $132,500 in a trust fund that pays 6.5% interest. You must spend the money on your college education, and you must withdraw the money in 4 equal installments, beginning immediately. How much could you withdraw today and at the beginning of each of the next 3 years and end up with zero in the account?
A. $37,769.20
B. $39,221.86
C. $37,406.03
D. $33,774.38
E. $36,316.54
Explain in detail and also show all workings.