Murdock Co. has additional funds that need to be invested, and is considering purchasing an asset that is expected to return $25,000 per year after tax for the next 20 years, with an aftertax disposal value of $10,000. Merrill Co.'s required rate of return is 12%. What is the maximum amount that Merrill Co. would be willing to pay to purchase this asset? (Use the appropriate discount factor from Appendix A or use Excel.)