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
Answer: E
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