You are a prequalified tunnelling contractor for a public sector client having plans for numerous large infrastructure projects with major tunnels. In your project works, an excavating equipment "X" has to be employed for 9 hour shifts at five days per week for 52 weeks each year. As per manufacturer's information your excavator equipment "X" has 8 years life and you bought this as new from the supplier. In recent 4 years, your equipment "X" was unavailable due to downtime periods for repair and maintenance as below: 50 hours in 1 year: 100 hours in 20d year, 125 hours in 3*d - year: and 150 hours in 4th year. Now, you have got a new contract project which has significant scope of earthworks for 2 full years. You are required to employ your excavator equipment and earthmoving crew. The production rate of earthmoving crew is 1600 cubic meters per day and the crew availability is 98%. Assuming an average downtime of equipment based on previous 4 years, determine the estimated production rate for your earthworks in the new contract project. If the output of earthworks in your bid is worth $2.4 million, which requires $1 million for key equipment