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

$

$($b$)$

If the inflation rate on this type of equipment is $7\%$ per year, what will be the cost $($in $$)$ of the equipment in $5$ years, adjusted for inflation?

$

$($c$)$

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

$

$($d$)$

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.$)$