he will reduce his component lot sizes. He has developed the following data for one component, the safety chain clip:

$\backslash$table$[[$Setup labor cost,$$25$ per hour$],[$Annual holding cost,$$12$ per unit$],[$Daily production,$992$ units$/8$ hour day$],[$Annual demand,$45,360(270$ days each $$ daily demand of $168$ units$)],[$Desired lot size,$124$ units $($one hour of production$)]]$

To obtain the desired lot size, the set$-$up time that should be achieved $=7$ minutes $($round your response to two decimal places$).$