Scanlin, Inc., is considering a project that will result in initial aftertax cash savings of $$1\mathrm{.}87$ million at the end of the first year, and these savings will grow at a rate of $1$ percent per year indefinitely. The firm has a target debt$$equity ratio of $\mathrm{.}75,$ a cost of equity of $12\mathrm{.}7$ percent, and an aftertax cost of debt of $5\mathrm{.}5$ 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 $2$ 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? $($Enter your answer in dollars, not millions of dollars, e$.$g$.,1,234,567.$ Do not round intermediate calculations and round your answer to the nearest whole dollar amount, e$.$g$.,32.)$

Maximum cost $