As a Result of a November 2004 Court Settlement, Goldman

Multiple Choice

As a result of a November 2004 court settlement, Goldman Gadgets agreed to pay $16.5 million to Fender Motor Company, with $13 million of it going to a Fender charitable trust. If the trust invested this money at an annual rate of 7.0%, compounded annually, how much could be awarded to worthwhile organizations at the end of each year for the next 17 years? Round your answer to the nearest cent. ​

A) $1,574,511.95
B) $919,232.70
C) $939,817.47
D) $1,011,357.60
E) $1,331,527.51