Problem #6: A lender providing a loan of $5.5 million requires semi-annual payment of interest at a nominal rate of 6.7% per year, and repayment of the S5.5 million principal at the end of 7 years. The borrower plans to accumulate that principal for repayment at the end of 7 years using level semi-annual deposits into a sinking fund that earns interest at a nominal rate of 3.2% per year when compounded semiannually. What is the borrower's total cash outlay every 6 months? : r Answer correct to 2 decimals. Problem #6