Based on market values, Gubler's Gym has an equity multiplier of 1.51 times. Shareholders require a return of 11.11 percent on the company's stock and a pretax return of 4.89 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 $287,000 per year for 8 years. The tax rate is 21 percent. What is the most the company would be willing to spend today on the project?

		$1,542,580
		$1,491,160
		$1,849,546
		$1,587,950
		$1,608,623