You are considering investing in a financial instrument that pays $40 at the end of each year for 12 years, plus $1,200 at the end of the 12th year. If you require a rate of return of 4% per year for such an investment, what is the maximum price you would be willing to pay for this financial instrument? The maximum price you would be willing to pay for this financial instrument is $0. (Round the final answer to cent as needed. Keep all decimal places as you work through the problem.)