An investor wishes to gain a yield, after tax, of at least $5\%$ per annum. The investor is subject to income tax at a rate of $25\%$ and CGT tax at a rate of $35\%.$ Calculate the maximum ex$-$dividend price that the investor should pay on the $1$st Jun $1998$ for $10,000$ of loan stock redeemable at $110\%$ on $1$st of Jul $2020.$ Interest is payable quarterly in arrears at the rate of $4\%$ per annum, with the next coupon date being on the $1$st of July $1998.$