Need help solving this question from Caselet 4.1 from Klastorin (2020) project management.

Thanks!

Cody Parker owns a small painting and interior design business known as the Parker Painters. Recently, a homeowner called Cody and asked him about painting four rooms in his house. Cody drove out to the homeowner's house to inspect the proposed job. Cody saw the following. Each room is approximately 10ft20ft; the homeowner wants to use flat paint on the walls and semigloss paint on the trim and woodwork. Each room has two doors and four windows; Cody will have to apply masking tape before painting the woodwork around the doors and windows. Preparation consists of washing all walls and woodwork in addition to some sanding and other prep work as needed. Only one coat of paint is necessary to cover the existing paint. All supplies will be provided by the homeowner at the start of the project. Cody had done many similar jobs in the past. Having taken a course in project management, Cody knew to record and save the duration of all previous jobs so he could use the data to estimate the duration of newly proposed projects. Going through his database, Cody found 34 jobs that were very similar to the current proposed job; the times needed to complete these jobs are given Exhibit 4.51. Exhibit 4.51 Learning readingspeed tokinat i.51 Cenglebies nimes foe 34 Jibes The homeowner asked Cody to submit a bid for this painting project. Cody knows he could submit a fixed-price bid; that is, he would be willing to complete this painting job for a fixed payment at the beginning of the job with no adjustment if the costs exceeded this fixed payment (in this case, Cody would incur a loss). On the other hand, cody could submit a bid based on "time and materials"; that is, he would quote an hourly fee and would be paid by the owner at the end of the job based on this fee and the actual number of hours needed to complete the job. Cody isn't certain which type of contract he would prefer and has asked for your help. If he submits a fixed-price bid, how much should he request given that his hourly fee is $45 per hour. If he submits a "time and material" bid, the homeowner wants to know an approximate cost before starting. In this case, what should Cody tell the homeowner? What do these two types of contracts imply about the allocation of risks associated with this painting project? Which type of bid would you recommend Cody submit to the homeowner? NOTES 1. Youker, R. (1991). A new look at the WBS: Project breakdown structure. PM Network, 5(8), 33-36. 2. U.S. Department of Defense \& U.S. National Aeronautics and Space Administration. (1962). DOD and NASA guide: PERT COST systems design. 3. Surowiecki, J. (2004). The wisdom of crowds. Random House. 4. Boehm, B. W. (1981). Software engineering economics. Prentice Hall