Initiated five centuries after Europeans arrived in the New World on Columbus Day 1992. Project SETI pledged a $100 million investment in the search for extraterrestrial intelligence.

(A) Initiated five centuries after Europeans arrived in the New World on Columbus Day 1992, Project SETI pledged a $100 million investment in the search for extraterrestrial intelligence.

(B) Initiated on Columbus Day 1992, five centuries after Europeans arrived in the New Wold, a $100 million investment in the search for -extraterrestrial intelligence was pledged by Project SETI.

(C) Initiated on Columbus Day 1992, five centuries after Europeans arrived in the New World, Project SETI pledged a $100 million investment in the search for extraterrestrial intelligence.

(D) Pledging a $100 million investment in the search for extraterrestrial intelligence, the initiation of Project SETI five centuries after Europeans arrived in the New World on Columbus Day 1992.

(E) Pledging a $100 million investment in the search for extraterrestrial intelligence five centuries after Europeans arrived in the New World, on Columbus Day 1992, the initiation of Project SETI took place.

A and D: five centuries...after 1992.
1992 + five centuries = 2442.
Not the intended meaning.
Eliminate A and D.

An introductory VERBed or VERBing modifier must serve to refer to the SUBJECT OF THE FOLLOWING CLAUSE.

In B, initiated (an introductory VERBed modifier) seems to refer to a $100 million investment (the subject of the following clause), implying that A $100 MILLION INVESTMENT was INITIATED on Columbus Day 1992.
Not the intended meaning.
The intended meaning is that PROJECT SETI was initiated on Columbus Day 1992.
Eliminate B.

In D and E, pledging (an introductory VERBing modifier) seems to refer to the initiation (the subject of the following clause), implying that THE INITIATION was PLEDGING -- a nonsensical meaning.
Eliminate D and E.

The correct answer is C.

A and D: Europeans arrived in the New World on Columbus Day 1992.
E: Europeans arrived in the New World, on Columbus Day 1992.
These options seem to imply that Europeans arrived in the New World in 1992.
Not the intended meaning:
Europeans arrived in the New World long before 1992.
Eliminate A, D and E.

In D, the initiation (subject) lacks a verb.
Eliminate D.

In the OA, initiated (an introductory VERBed modifier) correctly refers to Project SETI (the subject of the following clause), conveying the intended meaning:
that PROJECT SETI was INITIATED on Columbus Day 1992.