Lumet Corporation, a manufacturer of cellular telephones, wishes to invoice a sales affiliate located in Fontainebleau for an order of 10,000 units. Wanting to minimize its exchange risk, it invoices all intracompany transactions in euros. Relevant facts on a per unit basis are as follows: net sales price, €450; other operating expenses, €63; freight and insurance, €1; packaging costs, €1.50. Customs duties are 5 percent, and Lumet Corporation wishes to earn a profit of 6 percent on the transaction.

Required:
Determine the price at which Lumet would invoice its French affiliate for the cellular phones.