You have been awarded a contract to build 12 identical sailboats. Using past experience with similar jobs, you estimate that your labour hours per boat will decrease by a factor of 20% each time the quantity doubles. For example the number of labour hours spent on building the 8th boat is 80% of the number of hours used to build the 4^th unit. If you have estimated for the first boat to consume 275 labour hours to build, at the going rate of $20/hr, what's your estimate of the total labour cost of the new contract? How many labour hours will it take to build the 8th unit?