You are working on a bid for a 5-year contract. Thus far, you have determined that you will need $172,000 for fixed assets that will be depreciated straight-line to zero over the life of the project and then salvaged for 44,800. You will need $38,400 for net working capital at Time 0, but the entire amount will be recoverable at the end of the project. If your costs for this contract will run $114,000 annually, and you face a 21 percent tax rate, what is the minimum annual value you can bid for this contract and still return 12 percent in nominal terms?

Minimum bid=