Find the Amount of Each Payment to Be Made into a Sinking

Multiple Choice

Find the amount of each payment to be made into a sinking fund so that enough will be present to accumulate the following amount. Payments are made at the end of each period. The interest rate given is per period.
- $\$ 55,000$ ; money earns $7 \%$ compounded semiannually for 16 years

A) $\$ 911.48$
B) $\$ 1010.48$
C) $\$ 640.24$
D) $\$ 959.28$