Pricing Question

Alright guys. I am working on a logo / Album cover for a local band. What I need to know is this: How much should I be charging? This is a first time experience for me in terms of creating JUST a logo/design without accompanying website, etc etc. Knowing that they are a local band, I don’t expect to get to much, other than experience/portfolio enhancements and yes, some sort of cash stippen. What would you charge for a logo and/or Album Cover (CD Cover, etc). This client also wouldn’t mind having some of the art work done freehand. Does creating the image freehand enhance the total price? Thanks in advance.