A small machine shop manufactures drill bits used in the petroleum industry. The manager estimates that the total daily cost (in dollars) of producing X bits is the cost function

C(X) = 1600 + 0.23X2

where X is the number of bits produced and $1600 is the daily fixed cost and $0.23X is the variable cost per unit.

The manager has set a production goal to produce the number of bits per day which will keep the average cost per bit as low as possible.

Find the minimum average cost per unit. (Round your answer to 2 decimal places, if necessary)