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Tough concrete a construction company will purchase a new

Tough Concrete, a construction company, will purchase a new kind of digging machine in 3 years. They anticipate that the new digging machine will cost them $3,700. Since they would like to have cash ready for payment, how much should they deposit semi-annually in an account that will earn 3% per year compounded semi-annually to have the money available in 3 years?

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