You Have a Goal to Raise $1000 in Four Years

Multiple Choice

You have a goal to raise $1000 in four years' time.If your mother gives you $400 at the end of the first year,you make six deposits of equal amounts every six months thereafter,and all the money is deposited in a bank,which pays 8% p.a. ,compounded semi-annually,how large must each of the six payments be for you to reach your target?

A) $74.46
B) $65.55
C) $82.74
D) $77.26