A firm is considering a project that will generate perpetual after$-$tax cash flows of $$23,500$ per year beginning next year. The project has the same risk as the firm$$s overall operations and must be financed externally. Equity flotation costs $12$ percent and debt issues cost $5$ percent on an after$-$tax basis. The firm$$s D$/$E ratio is $0\mathrm{.}7.$

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.