Problem $10-20$ Calculating a Bid Price $[$LO$3]$ Kyrou Enterprises needs someone to supply it with $113,000$ cartons of machine screws per year to support its manufacturing needs over the next five years, and you've decided to bid on the contract. It will cost you $\backslash (\backslash$$ $760,000\backslash )$ to install the equipment necessary to start production; you'll depreciate this cost straight$-$line to zero over the project's life. You estimate that, in five years, this equipment can be salvaged for $\backslash (\backslash$$ $108,000\backslash ).$ Your fixed production costs will be $\backslash (\backslash$$ $365,000\backslash )$ per year, and your variable production costs should be $\backslash (\backslash$$ $9\mathrm{.}80\backslash )$ per carton. You also need an initial investment in net working capital of $\backslash (\backslash$$ $63,000\backslash ).$ If your tax rate is $24$ percent and you require a return of $12$ percent on your investment, what bid price should you submit? Note: Do not round intermediate calculations and round your answer to $2$ decimal places, e$.$g$.,32\mathrm{.}16.$