Murdock Co. has additional funds that need to be invested, and is considering purchasing an asset that is expected to return $15,000 per year after tax for the next 5 years, with an after-tax disposal value of $30,000. Merrill Co.'s required rate of return is 10%. 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.)

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