NPR MedTech Corp. is considering acquiring IV Pumps Inc. a relatively small company that manufactures intravenous pumps for use by hospitals. NPR MedTech believes it can grow IV Pumps' sales by 30 percent per year for the first three years after it acquires the firm. In the year just ended, IV Pumps' sales were 5 million. Operating expenses (COGS plus SG&A) are projected to be equal to 65% of the sales. Depreciation expenses is forecasted to be $120,000, $120,000, and $150,000, respectively for the next 3 years. Retentions to sustain the business (Capital Expenditures and net operating working capital) are expected to equal to $400,000 per year for the next 3 years. After 3 years, net cash flows are expected to grow at a constant rate of 5 percent. NPR's tax rate is 25%. Assuming that the appropriate cost of capital is 16 percent, what is the maximum NPR MedTech should pay for IV Pumps?