A machine cost PHP $2,250,000\mathrm{.}00$ to purchase. Fuel and minor maintenance are estimated to cost PHP $617\mathrm{.}00$ per operating hour $($those hours when the engine is operating and the machine is doing work$).$ A set of tires cost PHP $160,000$ to replace, and their estimated life is $2,800$ use hours. A PHP $300,000\mathrm{.}00$ major repair will probably be required after $4,200$ hr of use. The machine is expected to last for $8,400$ hr$,$ after which it will be sold at a price $($salvage value$)$ equal to $10\%$ of the original purchase price. A final set of new tires will not be purchased before the sale. How much should the owner of the machine charge per hour of use, if it is expected that the machine will operate $1,400$ hr per year? The company's cost of capital rate is $7\%.$How much would be the expected profit from the equipment if the rate charge to the project is twice the minimum amount calculated in Prob. $1?$