The Potomac Range Corporation manufactures a line of microwave ovens costing $400 each. Its sales have averaged about 5,500 units per month during the past year. In August, Potomac's closest competitor, Spring City Stove Works, cut its price for a closely competitive model from $580 to $500. Potomac noticed that its sales volume declined to 4,000 units per month after Spring City announced its price cut.

If Potomac knows that the arc price elasticity of demand for its ovens is 2.5, what price would Potomac have to charge to sell the same number of units it did before the Spring City price cut?

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