value 20.00 points Hoi Chong Transport, Ltd. operates a fleet of delivery trucks in Singapore. The company has determined that if a truck is driven 178,000 kilometres during a year, the average operating cost is 14.5 cents per kilometre. If a truck is driven only 89,000 kilometres during a year, the average operating cost increases to 16.4 cents per kilometre. (The Singapore dollar is the currency used in Singapore) Required: 1. Using the high-low method, estimate the variable and fixed cost elements of the annual cost of truck operation (Round the "Variable cost" to 3 decimal places.) Variable cost per kilometre Fixed cost per year 2. Express the variable and fixed costs in the form Y= a + bx (Round the "Variable cost' to 3 decimal places.) 3. If a truck were driven 99.000 kilometres during a year what total cost would you expect to be incurred (Round your intermediate calculations to 3 decimal places.) Total annual cost