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The bank is going to issue a 20-year $600,000 5% bond with semiannual coupons. The goal of the bank is to raise funds so the

The bank is going to issue a 20-year $600,000 5% bond with semiannual coupons. The goal of the bank is to raise funds so the bank is going to make monthly deposits into a fund that earns a nominal rate of 4% convertible monthly.

(a) Find the size of each monthly deposit.

(b) What is the bank's total cash expenditure for each semi-annual period?

(no excel please.)

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