show all work using formulas. do not use excel

2. (15 points) You are considering making a bid for a contract for modifying agricultural implements for a local distributor. The distributer has requested bids for 10 specifically modified trucks each year for the next 5 years for a total of 50 implements in all. The lowest possible price you could possibly charge will result in a $0 NPV at your required rate of return of 16%. The steel base forms cost $9,200 each, facilities are leased for $31,000 per year and labor and material cost $6,600 per implement. New equipment is $70,000 and after-tax salvage is $12,000(1-.39) = $7,320. The net working capital will be $5,000 up front in year 0, and reversed at the end of the project. Assuming straight line depreciation, a marginal tax rate of 39%, and a required rate of return of 16%, how much should you bid per implement