Required information The owner of a small pipeline construction company wants to determine how much he should bid in his attempt to win his first "big" contract. He estimates that his cost to complete the project will be $9.9 million in PW equivalency. He wants to bid an amount that will generate an after-tax rate of return of 25% per year; however, he doesn't know how much to bid on a before-tax basis. He told you that his effective state tax rate is 11% and his effective federal tax rate is 24% per year. How much should he bid? The owner should bid $ 13.56 million