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Lawrence Enterprises needs a supplier to provide 130,000 boxes of bolts per year for the next five years. You are constructing a bid to submit

Lawrence Enterprises needs a supplier to provide 130,000 boxes of bolts per year for the next five years. You are constructing a bid to submit to Lawrence and have determined that you will need a $910,000 piece of equipment (life of 5 years); at the end of the project you estimate that this machine will have a Salvage Value of $85,000. Your variable costs should be $17.35 per box, while your annual fixed costs should be $485,000. You need an initial working capital investment of $100,000. If your Tax Rate is 21% and your required return is 12%, what is the minimum bid (per box) that you should submit? (Round your answer to dollars and cents)

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