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5. Given the below information, use the Hubbart Formula to calculate the minimum average spend per cover required to attain the desired ROI: . . 100-seat restaurant Construction and start-up costs amount to $6,000,000 No additional working capital investment is required The owners have $5,000,000 in cash that will be invested into the restaurant The owners borrow any additional capital required from the bank at an interest rate of 6% p.a. The projected average seat turnover is 2 The restaurant will be open every day The investors require a 10% return on their investment annually Income tax rate is 30% Estimated undistributed expenses, not including income taxes, total $2,000,000 Forecasted average food cost is $10 per menu item