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 $6,020,000 to purchase the equipment it needs to produce and sell 516,000 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.