can you please show the step by step solution. please do not skip steps. Please try to refrain from using Excel

Problem #$6$: A lender providing a loan of $$5\mathrm{.}5$ million requires semi$-$annual payment of interest at a nominal rate of $7\mathrm{.}9\%$ per

year, and repayment of the $$5\mathrm{.}5$ million principal at the end of $8$ years. The borrower plans to accumulate that

principal for repayment at the end of $8$ years using level semi$-$annual deposits into a sinking fund that earns

interest at a nominal rate of $4\%$ per year when compounded semiannually. What is the borrower's total cash

outlay every $6$ months?