Problem:
The CellPhoneShop sells protective covers for all the popular Smartphone brands. The company has determined that it needs a 60% markup on retail price in order to be profitable. It believes that this markup will satisfy the company's profit objectives and will also be competitive with other suppliers of cellular accessories. The company recently negotiated an order of covers for $13.65 /cover. Given the company's pricing guideline, what will be the selling price of these covers? Report your answer in dollars and cents, rounded to two decimal places.
Please explain in detail and also show all work.