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The Cheyenne Hotel in Big Sky, Montana, has accumulated recordsof the total electrical costs of the hotel and the number ofoccupancy-days over the last year. An occupancy-day represents aroom rented for one day. The hotel’s business is highly seasonal,with peaks occurring during the ski season and in the summer.MonthOccupancy-DaysElectrical CostsJanuary2,710$5,270February3,600$6,205March860$2,150April2,170$4,350May4,200$7,160June1,530$3,825July4,110$7,050August4,060$6,925September1,980$4,090October1,160$2,900November1,210$3,025December2,480$4,910Required:1. Using the high-low method, estimate the fixed cost ofelectricity per month and the variable cost of electricity peroccupancy-day. (Do not round your intermediatecalculations. Round your Variable cost answer to 2 decimal placesand Fixed cost element answer to nearest whole dollaramount.)