1. (20 points) A professional organization is planning to conduct a series of one-day continuing education programs in various cities. The projected costs related to these programs are $1,500 per program $500 per program $10 per participant Promotional advertising Instructor's fee Instructional materials Hotel Charges: Room rental and setup fee Continental breakfast Lunch Refreshment breaks $400 $10 $25 $10 per program per participant per participant per participant The hotel requires a $200 nonrefundable deposit on the room rental and setup fee 75 days prior to the program. At about the same time, the promotional advertising materials are developed, prepared, and mailed to potential participants, and a 20% payment is made to ensure the services of an instructor. The instructor keeps this 20% payment even if the program is canceled and receives the balance of the fee at the conclusion of the program. The remaining hotel fees and charges, as well as the cost of instructional materials, are paid at the conclusion of the program. The capacity for each program is 100 persons, but past attendance for similar programs has typically been less. The cost-estimating equation for calculating the costs for a one-day continuing education program is: Estimate the total cost for a one day program that enrolls 60 people