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Medlock Company has two divisions, Wheel and Chassis. The Wheel Division manufactures a wheel assembly that the Chassis Division uses. The variable cost to produce this assembly is $5.00 per unit; full cost is $6.00. The component sells on the open market for $11.00. What witl the transfer price be if Medlock uses a pricing rule of variable cost plus 40 percent? Note: Round your answer to 2 decimal places