Suppose that Mr. Memela, a wheat farmer, is expecting to harvest 6500 bushels of wheat in 5 months' time. Concerned with future price fluctuations of wheat, he entered into 65 futures contracts with each contract covering 100 bushels of wheats at a futures price of R82.22 per bushel. If each bushel of wheat currently trades for R75.37 at the market and R84.7 at maturity, determine Mr. Memela's effective selling price of per bushel if he end up harvesting 6550 bushels of wheat at maturity.

ROUND OFF YOUR ANSWER TO TWO DECIMAL PLACES AND INSERT ONLY THE NUMERICAL VALUE.

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