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You have recently purchased a new 32-tonne 8-wheel rigid tipper for £185,000. The vehicle is expected to be kept for 5 years, at which point it will have an estimated residual value of £45,000. Based on your fleet data and operational profile, you have established the following annual and variable cost figures:

• Purchase Price: £185,000
• Estimated Residual Value: £45,000 after 5 years
• Tyres: 14 tyres replaced annually at £320 each
• Driver’s Basic Wages: £34,500 per annum (plus Employer's National Insurance contributions at 13.8%)
• Vehicle Excise Duty (VED): £5,600
• Insurance & Operator Licence Apportionment: £7,800
• Administrative Overhead: £8,500
• Running Costs: £0.74 per mile
• Annual Working Pattern: 48 weeks, 5 days per week
• Daily Operations: The vehicle travels an average of 220 miles per day and incurs an average of £45 per day in road tolls and driver subsistence expenses which are built into the hire agreement.

Calculate the daily hire charge to a customer who wishes to hire 1 vehicle with a driver for a full day, ensuring you achieve a 20% profit margin on total costs. Round your final answer to 2 decimal places. Key areas tested in this advanced version: 1. Calculated Depreciation: Instead of being given a flat annual figure, you must calculate it using the acquisition cost minus the residual value divided by the lifespan. 2. On-costs: Factoring employer National Insurance into the driver's wage package. 3. Additional Direct Expenses: Incorporating daily tolls/subsistence directly into the operational cost base before applying the profit markup.