Consider a project to supply 102 million postage stamps per year to the U.S. Postal Service for the next five years. You have an Idle parcel of land available that cost $1.715,000 five years ago, If the land were sold today. It would net you $1.790,000 aftertax. The land can be sold for $1,750,000 after taxes In five years. You will need to Install $5.45 million in new manufacturing plant and equipment to actually produce the stamps; this plant and equipment will be depreciated straight-line to zero over the project's five-year life. The equipment can be sold for $655,000 at the end of the project. You will also need $585,000 in Initial net working capital for the project, and an additional Investment of $52,000 in every year thereafter. Your production costs are .50 cents per stamp, and you have fixed costs of $1,070,000 per year. If your tax rate is 23 percent and your required return on this project is 8 percent, what bid price should you submit on the contract? (Do not round Intermediate calculations and round your answer to 5 decimal places, e.g., 32.16161.) Bid price