As a result of a November 2004 court settlement, Goldman Gadgets agreed to pay $13.8 million to Fender Motor Company, with $6 million of it going to a Fender charitable trust. If the trust invested this money at an annual rate of 8%, compounded annually, how much could be awarded to worthwhile organizations at the end of each year for the next 29 years? Round your answer to the nearest cent.
A) $590,779.29
B) $480,063.70
C) $480,594.17
D) $485,593.65
E) $537,711.21

Question

As a result of a November 2004 court settlement, Goldman Gadgets agreed to pay $13.8 million to Fender Motor Company, with $6 million of it going to a Fender charitable trust. If the trust invested this money at an annual rate of 8%, compounded annually, how much could be awarded to worthwhile organizations at the end of each year for the next 29 years? Round your answer to the nearest cent. ​
A) $590,779.29
B) $480,063.70
C) $480,594.17
D) $485,593.65
E) $537,711.21

Quizplus · Accepted Answer

The Answer of As a result of a November 2004 court settlement, Goldman Gadgets agreed to pay $13.8 million to Fender Motor Company, with $6 million of it going to a Fender charitable trust. If the trust invested this money at an annual rate of 8%, compounded annually, how much could be awarded to worthwhile organizations at the end of each year for the next 29 years? Round your answer to the nearest cent. ​
A) $590,779.29
B) $480,063.70
C) $480,594.17
D) $485,593.65
E) $537,711.21

As a Result of a November 2004 Court Settlement, Goldman