ABC Corp. has decided to ask suppliers to bid on the 50,000 cartons of precision machine screws that ABC Corp. needs to purchase per year to support its manufacturing needs over the next five years. You have decided to submit a bid to supply the machine screws.

• It will cost you $800,000 to install the necessary equipment which will be fully depreciated over a straight-line basis over five years (means salvage value will be zero at the end of the fifth year).
• Incremental Selling, General & Administrative expense will be $150,000 a year and variable costs will be $9.50 per carton.
• The project has a 10% cost of capital and a 21% tax rate.

For simplicity assume the following:

• Changes in net working capital are zeros for each year (form year 0 to year 5).
• Revenue, cost of goods sold, and SG&A expenses remain the same over the 5-year period

What is the minimum price per carton that you should bud?

(round your bidding price to the two decimal places. Dont include $ sign. E.G if your price is $20.156 then input 20.16)