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.
- $\$ 59,000$ ; money earns $5.6 \%$ compounded monthly for $1 \frac{1}{6}$ years

A) $\$ 2055.50$
B) $\$ 1977.38$
C) $\$ 4087.94$
D) $\$ 256.76$