Jimmy has a 3.5 year loan of $100,000 with the Bank of Melbourne. He plans to repay the loan in 7 equal semi-annual instalments starting today. If the rate of interest is 5.9% p.a. compounding semi-annually, how much will each repayment be worth?

a. $15,561.34

b. $15,791.56

c. $16,020.40

d. $15,354.48