Snyder Company is considering purchasing equipment. The equipment will produce the following cash inflows: Year 1, $25,000; Year 2, $28,000; and Year 3, $36,500. Snyder requires a minimum rate of return of 8%. Click here to view the factor table. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) What is the maximum price Snyder should pay for this equipment? (Round answer to 2 decimal places, e.g. 25.25.)

Maximum price $