You have just been offered a contract worth

$ 1.22 million per year for 55 years. However, to take the contract, you will need to purchase some new equipment. Your discount rate for this project is 12.2 %

You are still negotiating the purchase price of the equipment. What is the most you can pay for the equipment and still have a positive

NPV? The most you can pay for the equipment and achieve the 12.2% annual return is $ million.(Round to two decimal places.)