Merton Shovel Corporation has decided to bid for a contract to supply shovels to the Honduran Army. The Honduran Army intends to buy 1,100 shovels per year for the next 3 years. To supply these shovels, Merton will he to acquire manufacturing equipment at a cost of $158,000. This equipment will be depreciated on a straight-line basis over it's 5 year lifetime. At the end of the 3rd year, Merton can sell the equipment for exactly it's book value($63,200). Additional fixed costs will be $39,000 per year and variable costs will be $2 per shovel. An additional investment of $23,500 in net working capital will be required when the project is initiated. This investment will be recovered at the end of the 3rd year. Merton Shovel has a 35% marginal tax rate and a 15% required rate of return on the project. What is the lowest possible per shovel price that Merton can offer for the contract and still create value for stockholders?