You have a goal to raise $2,000 in four years’ time. You intend to contribute $700 at the end of the first year and make six deposits of equal amounts every six months thereafter. Assume all money is deposited into a bank, which pays interest 8% p.a., compounded semi-annually, how much deposit should you make for each of the six payments in order to achieve your target?

Please show the process of calculation and explain your answer.