Based on market values, Gubler's Gym has an equity multiplier of 1.67 times. Shareholders require a return of 11.75 percent on the company's stock and a pretax return of 5.05 percent on the company's debt. The company is evaluating a new project that has the same risk as the company itself. The project will generate annual aftertax cash flows of $319,000 per year for 8 years. The tax rate is 23 percent. What is the most the company would be willing to spend today on the project? $1,761,548 $1,711,218 $1,792,433 $2,030,745 $1,654,177