Bitterman Cheese Company has developed a new cheese slicer called Slim Slicer. The company plans to sell this slicer through its catalog which is issued monthly. Given market research, Bitterman believes that it can charge $15.00 for the Slim Slicer. Prototypes of the Slim Slicer, however, are costing $23. By using cheaper materials and gaining efficiencies in mass production Bitterman believes it can reduce Slim Slicer's cost substantially. Bitterman wishes to earn a return of 22% of the selling price. Compute the target cost for the Slim Slicer. (Round answer to 2 decimal places, e.g. 10.50.)