Clock Corporation is considering purchasing a new machine. The machine is expected to have a life of five years. Clock estimates that the machine will bring in $5,500 of additional revenue each year and will cost $2,500 each year to operate.

Clock Corporation can earn an interest rate of 8% on its funds, so this is considered the appropriate discount rate to use for capital budgeting decisions. What is the most that Clock Corporation should be willing to pay for this equipment today? $__________