A machine was purchased for $5 lakh. The total cost of all machinery inclusive of the new machine was $75 lakh. The following further particulars are available: Expected life of the machine 10 years Scrap value at the end of ten years $5,000 Repairs and maintenance for the machine during the year $2,000 Expected number of working hours of the machine per year 4,000 hours Insurance premium annually for all the machines $4,500 Electricity consumption for the machine per hour (@ 75 paise per unit) 25 units Area occupied by the machine 100 sq. ft. Area occupied by other machines 1500 sq. ft Rent per month of the department 1800 Lighting charges for 20 points for the whole department, out of which three points are for the machine $120 per month Compute the machine hour rate for the new machine on the basis of the data given above