As a result of a court settlement, a financial firm agreed to pay $13.4 million to Ford

Question:

As a result of a court settlement, a financial firm agreed to pay $13.4 million to Ford Motor Company, with $10 million of it going to a Ford charitable trust (Source: The New York Times). If the trust invested this money at 6.3%, compounded annually, how much could be awarded to worthwhile organizations at the end of each year for the next 20 years?
(a) Decide whether the problem relates to an ordinary or an due, and then
(b) Solve the problem.
Annuity
An annuity is a series of equal payment made at equal intervals during a period of time. In other words annuity is a contract between insurer and insurance company in which insurer make a lump-sum payment or a series of payment and, in return,...