my assignment is same to TVM multiple choice question 1, though you do not need to reference that question now. The question is

Jenks borrowed $13,000,000 from a bank at a 10% rate of interest. The bank requires Jenks to maintain a $3,000,000 compensating balance. What is Jenks effective interest rate?

1. 7.7%
2. 10%
3. 13% (ANS)
4. 23%

Suppose you were given $11,192 to invest. The money grew at a rate of 16 percent per year. At the end of each year you withdrew $4,000. Show that at the end of four years, you will have approximately zero (less than $2) left in the account. You may use the table below if you wish. You may copy and paste to an Excel file and submit that.

Year	Beginning balance	Earnings	Withdrawal	Ending balance
1
2
3
4