A village recently completed the construction of a new water tower. The entire cost of the water tower was $921,000, and the government paid $490,000 of the total cost through the awarding of a grant. In addition, the village can delay paying the balance of the cost for 30 years (without paying any interest during the 30 years). To finance 552 homeowners a one-time flat fee surcharge and then invest this money in a 30-year CD paying 7.8% interest compounded monthly. b) How much will the village need to invest at this time to raise the balance due in 30 years? (Round to the nearest cent as needed.)