Hoi Chong Transport, Ltd. operates a fleet of delivery trucks in Singapore. The company has determined that if a truck is driven 132,000 kilometres during a year, the average operating cost is 14.4 cents per kilometre. If a truck is driven only 88,000 kilometres during a year, the average operating cost increases to 16.3 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 Fixed cost per kilometre per year 2. Express the variable and fixed costs in the form Y = a +bX. (Round the "Variable cost" to 3 decimal places.) Y = 3. If a truck were driven 98,000 kilometres during a year, what total cost would you expect to be incurred? (Round your intermediate calculations to 3 decimal places.) Total annual cost