Your options for shipping $98,030 of machine parts from Hamilton to Kuala Lumpur, Malaysia, are (1) use a ship that will take 29 days at a cost of $3,380, or (2) truck the parts to Vancouver and then ship at a total cost of $5,160. The second option will take only 22 days. You are paid via a letter of credit the day the parts arrive. Your holding cost is estimated at 30% of the value per year. If you have a third option and it costs only $4,100 and also takes 22 days, what is your most economical plan?

Part 2

The daily holding cost is $ enter your response here.(Enter your response rounded to two decimal places.)