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

Question

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

Quizplus · Accepted Answer

The Answer of 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

As a Result of a November 2004 Court Settlement, Goldman