Step 1: Recall Taylor's tool life equation.
Taylor's relation is \(V T^n = C\), where \(V\) is cutting speed, \(T\) is tool life in minutes, and \(n\) is the exponent to find.
Step 2: Convert the given hole counts into actual tool life times.
Cutting speed scales with drill RPM for a fixed diameter, so \(V_1 : V_2 = 200 : 300\).
Time per hole scales as \(1/N\), so tool life (time) is holes divided by RPM: \(T_1 = 150/200 = 0.75\) and \(T_2 = 60/300 = 0.20\) (in the same relative time unit).
Step 3: Apply Taylor's equation between the two conditions.
\(V_1 T_1^n = V_2 T_2^n\) gives \(\left(\dfrac{T_2}{T_1}\right)^n = \dfrac{V_1}{V_2}\).
\(\left(\dfrac{0.20}{0.75}\right)^n = \dfrac{200}{300}\), so \((0.2667)^n = 0.6667\).
Step 4: Solve for n using logarithms.
\(n = \dfrac{\ln(0.6667)}{\ln(0.2667)} = \dfrac{-0.4055}{-1.3218} = 0.307\).
Final Answer:
The Taylor tool life exponent works out close to 0.31.
\[ \boxed{n \approx 0.31} \]