$($Estimated time allowance: $22$ minutes$)$ You have been approached by a client interested in buying $180,000$ widgets a year from you for $5$ years and has asked you to submit a bid for his consideration. To be able to produce these widgets, you need to invest in $$480,000$ in equipment. The equipment has a taxable life of $10$ years and will be depreciated using straight line. At the end of the $5$ years, the equipment can be sold for $$140,000($market or scrap value$).$ The variable cost of producing the widgets is $$21$ per unit and you will incur in a fixed cost of $$140,000$ a year. You have estimated you will need $$70,000$ today in working capital. The appropriate discounting rate for this type of projects is $13\%.$ The corporate tax rate applicable to you in this case is $20\%.$

What is the minimum price you would charge for each widget $($bid price to be given by you to the client$)?$

For this question, when answering, round to TWO decimals; do not use the $ sign; For example, if your answer is $$12\mathrm{.}893$ then enter $12\mathrm{.}90$; if your answer is $$10$ then enter $10\mathrm{.}00$

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