a) Power Electric is considering a project to bid for producing 220 units of a new type of industrial electric motor for selected firms in Selangor. The company estimates that the operation would require a new machine that costs RM1,000,000 with 5 year operating life and depreciated on a straight line basis to zero value. The company also expects to save RM50,000 in net working capital to start the project, requires a fixed cost of RM30,000 a year and variable costs of RM80 per motor. Assuming that the company is paying 28 percent corporate tax rate and requires 11 percent return on investment, estimate the minimum price that it should bid per unit. (8 marks)