Concord Corporation is considering purchasing equipment. The equipment will produce the following cash inflows: Year 1, $26,500; Year 2, $29,500; and Year 3, $39,000. Concord requires a minimum rate of return of 12%. What is the maximum price Concord should pay for this equipment? (For calculation purposes, use 5 decimal places as displayed in the factor table provided, e.g. 5.27541. Round answer to 2 decimal places, e.g. 25.25.)