How much should I charge to do audio for a short video?

So, I've had a friend approach me for some audio work for a short (1:21) product info video. Nothing fancy, just wants some ambience and little sound effects type of things to go with it, not actual music. I've never done something like this before, but I have the technology and ability.

I'm wondering what the going rate for compensation for this kind of thing is--I have no idea how much to ask for. I'm guessing at least some of you on here have experience with this sort of thing. What's a reasonable amount to quote this guy on?

For a minute and twenty-one seconds, and it's your friend, no more than $100. Maybe even $50 and some beer. Or just a bunch of beer.

What's it for - are they gonna get any financial gain from the project ?

It's a friend that works in marketing at apparently some engineering company (haven't really talked with him a lot in the last... 8 years). But from the sounds of it, it would be the company footing the bill, and I have no idea how big this company is or how much they would be willing to fork over.

Also, he says it will be used on tradeshow monitors and on a website as well.

Ah, a company with a budget. That's great.

Is it for TV or web or something else?

I'd go with $75 per hour. I'm in Canada, so adjust accordingly. It should take you about half a day to a day depending on the type sound design. Or a flat rate of $400 or $500, but flat rates usually gives the client the 'go ahead' to milk you for all the little changes they want which can span days.

I might be ok with doing the flat rate, though, since, as I mentioned, I haven't done this before and I wouldn't want to charge for my own technical difficulties.

1 zillion dollars

  On 3/24/2014 at 9:08 PM, danke said:

I might be ok with doing the flat rate, though, since, as I mentioned, I haven't done this before and I wouldn't want to charge for my own technical difficulties.

Yes, I agree!

Yeah my proper rate for companies is around £30 per hour and I'd just charge a day rate. 8 hours, £240.

Dont charge, just do it for the backwardness of the act.