You just won a lottery and would like to give back to WSU. You have created a trust to fund scholarships in perpetuity. The next annual distribution will be $2,400 and future payments will increase by 3 percent per year. What is the amount of this trust that you have created if the discount rate of 7.4 percent?

Group of answer choices

$54,545.45

$56,180.02

$34,285.72

$49,218.22

$60,776.64