Venture capitalist-what is required semi-annually amount

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Assume that you agree with a venture capitalist that you will pay her $1.557 million 3.5 years from now for her investment in your invention. She requires you to set aside an amount of money semi-annually, starting now, to ensure for the $1.557 million payment. She knows a bank in Switzerland where you can get 6% per year, compounded semi-annually. Assume deposits are due at the beginning of semi-annual period (so seven deposits are made). What is the required semi-annually amount you must set aside in that bank starting today?

Reference no: EM13736639

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