Problem $10-33$ Calculating a Bid Price $($LO$8)$

Komoka Enterprises needs someone to supply it with $151,000$ cartons of machine screws per year to support its manufacturing needs over the next five years, and you've decided to bid on the contract. It will cost you $$951,000$ to install the equipment necessary to start production. The equipment will be depreciated at $30\%($Class $10),$ and you estimate that it can be salvaged for $$96,000$ at the end of the five$-$year contract. Your fixed production costs will be $$446,000$ per year, and your variable production costs should be $$16\mathrm{.}20$ per carton. You also need an initial net working capital of $$101,000.$ If your tax rate is $35\%$ and you require a $12\%$ return on your investment, what bid price should you submit? $($Do not round your intermediate calculations. Round the final answer to $2$ decimal places. Omit $ sign in your response.$)$

Bid price

$ per carton