Gina is interested in buying a house beside the university which she will rent to students. She expects to receive

$1 comma 1100

a month in rental income (net of maintenance). Gina's real estate agent estimates that she will be able to sell the property for

275,000

at the end of

43 months. Gina wants a return of

3.0%

per month. What is the most that she should pay for the property? Assume that she will purchase the house today and receive the first (beginning of month) rental payment today.