A six foot piece of 1 inch diameter steel rod will machined for into components for a subassembly. The price of steel is $15.00 /pound, and the steel's density is 493lb/ft3. Each component will be 8 inches long. Each cut will result in 1/4 "loss of scrap material. 15% of the steel will be lost in the machining process, but can be scrapped. Scrap steel can be sold for $3.00 per pound. Assume 5% of the components will fail the tolerance test. and must be scrapped as well. Calculate the material cost of 1 component