Question: A planned expansion will require Holton Corp. to make a $1,200,000 payment to a contractor in 9 months from now. If Holton can earn 4.8%

A planned expansion will require Holton Corp. to make a $1,200,000 payment to a contractor in 9 months from now. If Holton can earn 4.8% compounded quarterly on its investments, how much would need to be invested today in order to have the required amount in 9 months? (Round your final answer to 2 decimal places.)

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