A city is spending $45million on a new sewage system. To cover the cost, the city will issue bonds with a face value of $20,000, paying 8.75% interest per year, and redeemable at face value in 32 years. If an investor’s personal MARR is 13.5% per year, what is the maximum price the investor can pay for one of the municipal bonds if the bond is held until maturity? (Enter your answer as a number without the dollar $ sign.)