Oriole shovel corporation has decided to bid for a contract to supply shovels to the honduran army .the honduran army intends to buy 1200 shovels per year for the next 3 years. Oriole will acquire a manufacturing equipment cost of $199,000. The equipment will depreciate on a straight line basis for 5 years. At the end of the third year, Oriole can sell the equipment for exactly its book value ($79,600). Additional fixed costs will be $37,000/year and variable costs are $2/shovel. An additional investment of $22,000 in net working capital will be required once this project is initiated. This investment will be recovered at the end of the third year. Oriole shovel has a 27% marginal tax rate and an 15% required return on the project.

What is the lowest possible price per shovel that Oriole can offer for the contract and still create value for its stockhlders?

*Round CF Opns answer to 0 decimal places and then the final answer to 2 decimal places.