A Sinking Fund Is Established to Discharge a Debt of $80,000

Multiple Choice

A sinking fund is established to discharge a debt of $80,000 in 11 years. If deposits are made at the end of each 6-month period and interest is paid at the annual rate of 6%, compounded semiannually, what is the amount of each deposit? Round your answer to the nearest cent. ​

A) $823.02
B) $1,252.54
C) $2,619.79
D) $612.85
E) $405.67