A company makes one product, which has variable manufacturing costs of ` 3.25 per unit and

variable selling and administrative costs of ` 1 .1 7 per unit. Fixed manufacturing costs are ` 42,300

per month and fixed selling and administrative costs are ` 29,900 per month. The company wants

to earn an average monthly profit of ` 1 5,000 and they expect to produce and sell an average of

40,000 units of the product per month. What is the minimum selling price management can be

expected to set to meet their profitability goals?