A city is spending $36million on a new sewage system. To cover the cost, the city will issue bonds with a face value of $12,500, paying 8% interest per year, and redeemable at face value in 26 years. If an investor’s personal MARR is 12% per year, what is the maximum price the investor can pay for one of the municipal bonds if the bond is held until maturity? (Answer with details and explanation.)