Superior Products, Inc. is interested in producing and selling a deluxe electric razor. Market research indicates that customers would be willing to pay $80 for such a razor and that 40,000 units could be sold each year at this price. The current cost to produce the razor is estimated to be $68.

Superior has learned that a competitor plans to introduce a similar razor at a price of $75. If Superior requires a 20% return on sales, what is the target cost for the new razor?