A business owner is thinking of investing in an HR development program that will save his business an estimated $$50,000$ in the first year on a before$-$tax basis. The savings will then grow at the rate of $3\%$ per year indefinitely. The income tax rate in the country is equal to $20\%.$ What is the maximum amount the owner would be willing to pay for the program upfront given that the corresponding required rate of return of $12\%$