Final answer:
The correct definition of 'bow' in the sentence is to bend at the head, body, or knee in reverence, submission or shame.
Step-by-step explanation:
The correct definition of 'bow' as it is used in the sentence above is definition 3: 'to bend at the head, body, or knee in reverence, submission or shame'. In the sentence, 'Charles bowed out' means that Charles chose to cease from completing or resisting something, specifically, the basketball tournament. He submitted or yielded by withdrawing from the competition.
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