The total value of all of the properties in the City of Chen is $300,000,000 and the approved budget is $3,500,000. Properties are assessed at their full value. $5,000,000 worth of town properties is exempt from taxation. To minimize tax increases in the coming fiscal year, the mayor and town council have decided to take $500,000 out of the citys rainy-day fund and apply that money toward the coming years budget. How much does the city have to charge per $1,000 of assessed valuation to raise the needed $3.5 million? Show your calculations. You may round your answer to the nearest penny.