Consider a project to supply 140 million postage stamps per year to Canada Post for the next five years. You have an idle parcel of land available that cost $1,300,000 five years ago; if you sold the land today, it would net you $1,800,000, after tax. If you sold the land five years from now, the land can be sold again for a net $1,800,000 after tax. You will need to install $4.6 million in new manufacturing plant and equipment to actually produce the stamps. The equipment qualifies for a CCA rate of 30 percent and can be sold for $756,000 at the end of the project. You will also need $569,000 in initial net working capital for the project, and an additional investment of $68,000 every year thereafter. Your production costs are 0.9 cents per stamp, and you have fixed costs of $961,000 per year. If your tax rate is 34 percent and your required return on this project is 11 percent, what bid price should you submit on the contract?