Question: A department has ordered 8 new computers at a cost of $2455 each. The order will not be delivered for 9 months. What amount could

A department has ordered 8 new computers at a cost of $2455 each. The order will not be delivered for 9 months. What amount could the department deposit in a special 9-month CD paying 6.47% compounded monthly to have enough to pay for the machines at the time of delivery ?

The department should deposit $ into the CD. (Do not round until the final answer. Then round to the nearest cent as needed.)

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