A lender providing a loan of$9 million requires semi-annual payment of interest at a nominal rate of 7.5% per year, and repayment of the$9 million principal at the end of 11 years. The borrower plans to accumulate that principal for repayment at the end of 11 years using level semi-annual deposits into a sinking fund that earns interest at a nominal rate of 4.9% per year when compounded semiannually. What is the borrower's total cash outlay every 6 months?

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