A financial services consulting company bought an office building for $900,000. The company has 10 professional staff members. Monthly expenses for salaries, utilities, grounds maintenance, etc. are $1.1 million. The average billing rate per professional is $90 per hour. Use an interest rate of 1% per month and assume the building will have a re-sale value of $1.5 million after 10 years.
(a) How many hours per month must be billed in order to make a profit of $15,000 per month?
(b) How many hours per professional per month must be billed?
(c) There are 260 eight-hour workdays per year. Of the total work hours available per month, what percentage does the hours per professional in part (b) represent?
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