A firm is considering a project that will generate perpetual after$-$tax cash flows of $$16,000$ per year beginning next year. The project has the same risk as the firm's overall operations and must be financed externally. Equity flotation costs $14$ percent and debt issues cost $6$ percent on an after$-$tax basis. The firm's D$/$E ratio is $0\mathrm{.}6.$

What is the most the firm can pay for the project and still earn its required return?

Note: Do not round intermediate calculations. Round your answer to the nearest whole dollar.

Maximum the firm can pay