The Maybe Pay Life Insurance Company is trying to sell you an investment policy that will pay you and your heirs $23.000 per year forever. If the required return on this investment is 5.3 percent, how much will you pay for the policy (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Present value The most recent financial statements for Crosby, Incorporated, follow. Sales for 2021 are projected to grow by 20 percent. Interest expense will remain constant; the tax rate and the dividend payout rate will also remain constant Costs, other expenses, current assets, fixed assets, and accounts payable increase spontaneously with sales. CROSBY, INCORPORATED 2020 Income Statement Sales Costs Other expenses $ 756,000 591,000 27,000 Earnings before interest and taxes Interest paid $ 138,000 23,000 Taxable income Taxes (23%) $ 115,000 26,450 Net income $ 88,550 Dividends Addition to retained earnings $ 26,565 61,985 CROSBY, INCORPORATED Balance Sheet as of December 31, 2020 Assets Liabilities and Owners' Equity Current assets Current liabilities Qash $ 21,540 Accounts payable Accounts receivable 44.480 Notes payable Inventory 100,960 Total $ 55,700 14.900 $ 70.600 Total $ 166,980 Long-term debt $ 139,000 Fixed assets Net plant and equipment $ 432,000 Owners' equity Common stock and paid in Surplus Retained earnings $ 119,000 270,380