Pierce Publishing Sells Encyclopedias Under Two Payment Plans: Cash or Installment

Short Answer

Pierce Publishing sells encyclopedias under two payment plans: cash or installment. Under the installment plan, the customer pays $21/month over 3 yr with interest charged on the balance at a rate of 15%/year compounded monthly. Find the cash price for a set of encyclopedias if it is equivalent to the price paid by a customer using the installment plan. Please round the answer to the nearest cent.
$ __________