Q$3$:

$(20$ Points$)$

Drilling bit records for $3$ different bits are shown below for a formation at $5,500$ ft depth. Find the suitable bit if the rig rental cost is $$108,\frac{000}{?}$ day, average round trip time $($pull & lower$)$ is $60$ minutes $\frac{?}{1},000ft$ of drill string, and average connection time $($adding & removing stand$)$ is $1\mathrm{.}0$ min.$/$stand$.$

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