Callis Construction LLC is planning to expand its site planning division 4 years from now. In order to expand, the CFO of the company has determined that $400,000 will be required. Eighth National Bank has agreed to pay 8% simple interest for the first 2 years the money is on deposit with the terms changing to a 6% nominal rate compounded monthly for the last 2 years. How much should Callis deposit today in order to have the needed $400,000?

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