38. A civil engineering firm has to bid for the construction of a darn. The activities and estimates are given as follow:

The policy of the firm with respect to submitting bids is to bid the minimum amount that will provide a 95% of probability of at best breaking even. The fixed costs for the project are eight lakhs and the variable costs are 9,000 everyday spent working on the project. The duration is in days and the costs are in terms of Rupees. What amount should the firm bid under this policy? (You may perform the calculations on duration and so on, up to two decimal places).

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Duration Activity Optimistic Most likely Pessimistic 1-2 14 17 25 2-3 14 18 21 2-4 13 15 18 2-8 16 19 28 3-4 (dummy) 3-5 15 4-6 53 18 17 22 27 21 5-7 (dummy) 5-9 14 18 20 6-7 (dummy) 6-8 (dummy) 7-9 16 20 20 41 8-9 14 16 22