Based on market values, Gubler's Gym has an equity multiplier of 1.54 times. Shareholders require a return of 11.23 percent on the company's stock and a pretax return of 4.92 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 $293,000 per year for 7 years. The tax rate is 35 percent. What is the most the company would be willing to spend today on the project?