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Cullumber Company is considering purchasing equipment. The equipment will produce the following cash inflows: Year 1. $37,000 Year 2, $43,000; and Year 3, $53,000.

Cullumber Company is considering purchasing equipment. The equipment will produce the following cash inflows: Year 1. $37,000 Year 2, $43,000; and Year 3, $53,000. Cullumber requires a minimum rate of return of 8% What is the maximum price Cullumber should pay for this equipment? (Round answer to 2 decimal places, eg 25.25) Maximum price $

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