Machining of a component is made under the following cutting conditions:
Cost of operating the machine = 20 paise per minute.
Cost of regrinding the tool one time = Rs. 8.
The cutting speed is 40 m/min when the tool life is 50 min for the depth of cut of 2 mm and feed rate of 0.3 mm.
Taylor's exponent is 0.2.
The time needed to change the tool one time is 3 min.
The optimum tool life for minimum cost criteria of machining is