A company invests $750,000 in a piece of production equipment. The cost to install the equipment in the plant =$25,000. The anticipated life of the machine = 12 yr. The machine will be used 8 hours per shift, five days per week, 50 weeks per year. Applicable overhead rate = 17 %. Assume availability = 100%. Determine the equipment cost rate if (a) the plant operates one shift per day and (b) the plant operates three shifts per day.