The company plans to purchase $3,000,000 in new assembly line machinery in 5 years. (Use Table 11-1 and Table 11-2. Round your answers to the nearest cent.) (a) How much (in $) must be set aside now...

How much (in $) must be set aside now at 8% interest compounded semiannually to accumulate the $3,000,000 in 5 years?

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If the inflation rate on this type of equipment is 5% per year, what will be the cost (in $) of the equipment in 5 years, adjusted for inflation?

$

Use the inflation-adjusted cost of the equipment to calculate how much (in $) must be set aside now.

$

Use the present value formula to calculate how much (in $) would be required now if you found a bank that offered 8% interest compounded daily to obtain the value found in part b. (Ignore leap years in calculation.)

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