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A lender providing a loan of $8 million requires semi-annual payment of interest at a...

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A lender providing a loan of $8 million requires semi-annual payment of interest at a nominal rate of 8.9% per year, and repayment of the $8 million principal at the end of 12 years. The borrower plans to accumulate that principal for repayment at the end of 12 years using level semi-annual deposits into a sinking fund that earns interest at a nominal rate of 3.8% per year when compounded semiannually. What is the borrower's total cash outlay every 6 months? Answer correct to 2 decimals

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