You are the finance manager for a particular company. 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 at $6\%$ interest compounded semiannually to accumulate the $$3,000,000$ in $5$ years?

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$($b$)$ 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?

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

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$($d$)$ Use the present value formula to calculate how much $($in $$)$ would be required now if you found a bank that offered $6\%$ interest compounded daily to obtain the value found in part b$.($Ignore leap years

in calculation.$)$

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