Shimada Products Corporation of Japan plans to introduce a new electronic component to the market at a target selling price of $15 per unit. The company is investing $11,200,000 to purchase the equipment it needs to produce and sell 420,000 units per year. Its required rate of return on all investments is 12%. Required: Compute the component's target cost per unit. Note: Round your answer to 2 decimal places. Target cost per unit