Grant & McKenzie is a firm of financial advisers that needs to calculate an hourly rate to charge customers for its services.

The average salary cost for its advisers is $50,000. The employer’s share of CPP and E] is paid to the government as 4.95% and 2.52%, respectively. Each adviser has a four-week annual holiday and there are 10 days per year when the firm closes for holidays. Each adviser is expected to do 25 chargeable hours of work per week for clients; the remainder of the 40-hour week is spent on administrative work.

What hourly rate (to the nearest hour) would cover the cost of each financial adviser?

a. $46.72

b. $29.20

c. $43.78

d. $41.33