3. Calculate a salary budget based on this information. Volume in the budget year for FY 2023 (7/1/2023 to 6/30/2024) is expected to be 109,000 units and a FTE can perform 11,000 units per year. Pay raises are given to all staff on February 1st of each year at a rate of 10 percent. The July 1, 2023 rate of pay for new hires is set at $25.00/hour regardless of hire date. Only full-time FTEs will be hired. The following are the current staff with FTE values and hourly rates of pay as of October 1, 2022: Name FTE Pay Rate Callahan 1.0 19.55 Szymanski 1.0 20.00 Soto 0.5 17.05 Chen 1.0 13.95 Dasgupta 0.5 22.60 Cummings 0.5 15.80