Sheridan Shovel Corporation has decided to bid for a contract to supply shovels to the Honduran Army. The Honduran Army intends to

buy $1,000$ shovels per year for the next $3$ years. To supply these shovels, Sheridan will have to acquire manufacturing equipment at a

cost of $$160,000.$ This equipment will be depreciated on a straight$-$line basis over its five$-$year lifetime. At the end of the third year,

Sheridan can sell the equipment for exactly its book value $($$$64,000).$ Additional fixed costs will be $$40,000$ per year, and variable costs

will be $$3$ per shovel. An additional investment of $$24,000$ in net working capital will be required when the project is initiated. This

investment will be recovered at the end of the third year. Sheridan Shovel has a $27$ percent marginal tax rate and a $15$ percent required

rate of return on the project. What is the lowest possible per shovel price that Sheridan can offer for the contract and still create value

for its stockholders? $($Round Round CF Opns answer to $0$ decimal places, e$.$g$.5,275$ and final answer to $2$ decimal places, e$.$g$.15\mathrm{.}25.)$

Shovel price $