Your client wants to buy a business that provides financial advice to local small businesses. The firm generated $650,000 in cash flows during the previous year, and the discount rate to value firms in this sector is 11%. The firm's cash flows are expected to grow by 5% (which includes 3% for expected inflation). The firm is registered as a corporation, and it is expected to continue operating indefinitely into the future. Based on this information, how much should your client pay for this business?