Please assist with this question and show the work in a Word document. Using the concept of Learning Curves for Estimating consider the following scenario and respond to each question (all work should be shown in your Word document):
Suppose that you are the assigning costs to a major project to be undertaken this year by your firm, University Applications. One particular coding process involves many labor-hours, but highly redundant work. You anticipate a total of 200,000 labor-hours to complete the first iteration of the coding and a learning curve rate of 70%. You are attempting to estimate the cost of the twentieth iteration of this coding sequence.
Based on this information and a $60 per hour labor rate, what would you expect to budget as
A. The cost of the twentieth iteration?
B. The cost of the fortieth iteration?