S$3-5$ Compute a professional billing rate $($Learning Objective $7)$

Nicole Grandstone is a new staff accountant at James & Associates. She is paid a salary of $$67,600$ per year and is expected to work $2,600$ hours per year on clfent jobs. The firm's indirect cost allocation rate is $$25$ per hour. The firm would like to achieve a profit equal to $20\%$ of cost$.$

Convert Nicole's salary to an hourly wage rate for billing purposes.

Calculate the professional billing rate James & Associates would use for billing out Nicole's services.