Semiannual coupon bonds with the same risk $($Aaa$)$ and maturity $(20$ years$)$ as your company's bonds have a nominal $($not EAR$)$ YTM of $8\mathrm{.}5$ percent. Your company's treasurer is thinking of issuing at INR $100$ par value, $20-$year, monthly payment bonds.

She has asked you to

determine what monthly coupon payment. in INR, the company would have to set to provide the same effective annual rate $($EAR$)$ as those on the $20-$year, semiannual bonds. What would the monthly INR coupon payment be$?$

$[5$ Marks$]$