Ace Architects employs two architects, each having a different area of specialization. Caitlin specializes in industrial commercial construction and Zachary specializes in residential construction. Ace expects to incur total overhead costs of $868,800 during the year and applies overhead based on annual salary costs. Caitlin is a senior partner, her annual salary is $167,500, and she is expected to bill 2,500 hours during the year. Zachary is a senior associate, his annual salary is $104,000, and he is expected to bill 2,000 hours during the year. a. Calculate the predetermined overhead rate. Predetermined Overhead Rate % b. Assuming that the hourly billing rate should be set to cover the total cost of services plus a 25% markup, compute the hourly billing rates for Caitlin and Zachary. (Do not round intermediate calculations. Round your answers to 2 decimal places.) Caitlin Billing rate per hour per hour Zachary