Ivanhoe Company is considering purchasing equipment. The equipment will produce the following cash inflows: Year 1, $32,000; Year 2, $38,000; and Year 3, $48,000. Ivanhoe requires a minimum rate of return of 9%. Click here to view the factor table. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) What is the maximum price Ivanhoe should pay for this equipment? (Round answer to 2 decimal places, e.g. 25.25.)

Maximum price

$enter the maximum price in dollars rounded to 2 decimal places