2008 AMC 10B Problem 4

A semipro baseball league has teams with 21 players each. League rules state that a player must be paid at least \$15,000 and that the total of all players' salaries for each team cannot exceed \$700,000. What is the maximum possible salary, in dollars, for a single player?

\mathrm{(A)}\ 270,000\qquad\mathrm{(B)}\ 385,000\qquad\mathrm{(C)}\ 400,000\qquad\mathrm{(D)}\ 430,000\qquad\mathrm{(E)}\ 700,000

Full credit goes to MAA for authoring these problems. These problems were taken on the AOPS website.