Shannons has developed a super-premium craft beer to be marketed as Shannons Irish Stout. The cost of production (brewing, canning, etc.) is about $4.00 per six pack. If Shannons needs a 10% margin, the distributor needs 40% and the retailer needs 50%, what will be the likely selling price suggested by Shannons to retailers? Assume all margins are expressed as markups based on selling price. Compute your answer to the nearest penny.