A used piece of rental equipment has 1.5 years of useful life remaining. When rented, the equipment brings in $700 per month (paid at the beginning of the month). If the equipment is sold now and money is worth 4.7%, compounded monthly, what must the selling price be to recoup the income that the rental company loses by selling the equipment "early"?
Solve the problem. (Round your answer to the nearest cent.)
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