Question: Innovative Home Solutions is developing The Ultimate Mousetrap based on customer demands and insights gained from a reverse - engineered competitor s product. Market research

Innovative Home Solutions is developing "The Ultimate Mousetrap" based on customer demands and insights gained from a reverse-engineered competitors product. Market research suggests a selling price of $8.90 per unit.
To maintain a profit margin of 32%, what should be the target cost per unit for this new mousetrap? Show your answer to 2 decimal places.

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