Chen has been prequalified by his bank to take out a mortgage with a $1,400 monthly payment. Current interest rates are 4% for a 20-year fixed closed mortgage with a 5-year term. Interest is compounded semi-annually. The bank has agreed to finance 90% of the price of the home. What is the maximum price of home that Chen can afford to buy? Enter your answer rounded to 2 decimal places, do not enter commas or a dollar sign