In an attempt to figure out how much you should pay for an educational opportunity, you perform a valuation. You estimate that the program will increase your annual earnings by $1,000 each year, an increase that will grow along with your salary at 3% each year. Comparing to other similarly-risky investments, you calculate a discount rate of 13%. For convenience sake, assume you will live forever (there's typically not much difference between this and 20-30 years of cash flows). 

How much should be the maximum you are willing to pay for this educational program?

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