\#3 Bob Smith borrowed $800,000 on Jan 1, 2022. This amount, plus accrued interest at 12% compounded semiannually, is to be repaid in one payment on Jan 1,2032. To retire this debt, Bob plans to make 5 equal payments annually to a sinking fund starting on Jan 1, 2027. The fund is expected to earn 10%, compounded annually. How large must these payments be to completely retire the debt when due