Clearlake Optical has a $50,000 note that comes due in 6 years. The owners wish to create a sinking fund to pay this note. If the fund earns 3.5% compounded semiannually, how much must each semiannual...

Clearlake Optical has a $50,000 note that comes due in 6 years. The owners wish to create a sinking fund to pay this note. If the fund earns 3.5% compounded semiannually, how much must each semiannual deposit be? (Round your answer to the nearest cent.)
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