#2 Please give the answer in the format provided.

Eastern Auto Supply, Inc., produces and distributes auto supplies. The company is anxious to enter the rapidly growing market for long-life batteries that is based on lithium technology. Management believes the to be fully competitive, the price of the new battery that the company is developing cannot exceed $71. At this price, management is confident that the company can sell 41,000 batteries per year. The batteries would require an investment of $2,900,000, and the desired ROI is 20%. Required Compute the target cost of one battery. {Do not round intermediate calculations.)