Problem # $6$: A lender providing a loan of $$6\mathrm{.}5$ million requires semi$-$annual payment of interest at a nominal rate of $6\mathrm{.}4\%$ per year, and repayment of the $$6\mathrm{.}5$ million principal at the end of $10$ years. The borrower plans to accumulate that principal for repayment at the end of $10$ years using level semi$-$annual deposits into a sinking fund that earns interest at a nominal rate of $5\mathrm{.}8\%$ per year when compounded semiannually. What is the borrower's total cash outlay every $6$ months?

Problem #$6$:

Answer correct to $2$ decimals.

Submit Problem #$6$ for Grading