Christine Parks Received a Trust Fund Inheritance of $10,000 on Her

Multiple Choice

Christine Parks received a trust fund inheritance of $10,000 on her 30th birthday. She plans to use the money to supplement her income with 24 quarterly payments beginning on her 60th birthday. If the money is worth an annual rate of 8% compounded quarterly, how much will each quarterly payment be? Round your answer to the nearest cent. ​

A) $7,076.86
B) $5,580.06
C) $9,337.77
D) $10,515.85
E) $2,156.90