Given the below information, use the Hubbart Formula to calculate the minimum average spend per cover required to attain the desired ROI:

100-seat restaurant

Construction and start-up costs amount to $5,000,000

No additional working capital investment is required

100% of the capital cost will be raised in the form of equity

The projected average seat turnover is 3

The restaurant will be open 320 days a year

The investors require a 15% return on their investment annually

Income tax rate is 30%

Estimated undistributed expenses, not including income taxes, total $1,000,000

Forecasted average food cost is 30% of sales