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Hank and Gretel want to put money in a savings account now so that they will have $2200 in 5 years. The savings bank pays

Hank and Gretel want to put money in a savings account now so that they will have $2200 in 5 years. The savings bank pays 4% interest compounded quarterly. How much should Hank and Gretel invest? (Round your final answer to two decimal places)

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