Lebleu, Incorporated, is considering a project that will result in initial aftertax cash savings of $$1\mathrm{.}72$ million at the end of the first year, and these savings will grow at a rate of $2$ percent per year indefinitely. The firm has a target debt$-$equity ratio of $\mathrm{.}80,$ a cost of equity of $11\mathrm{.}2$ percent, and an aftertax cost of debt of $4$ percent. The cost$-$saving proposal is somewhat riskier than the usual project the firm undertakes; management uses the subjective approach and applies an adjustment factor of $+1$ percent to the cost of capital for such risky projects. What is the maximum initial cost the company would be willing to pay for the project?