A consulting firm would normally charge $360 an hour with an estimated time of 160 hours for an engagement. It pays its consultants about $165 per hour including benefits, which is a fixed cost as they are on salary. The client has asked the firm to bid on the engagement at an hourly rate of $260 with the balance of the payment contingent upon reaching identifiable milestones. The consulting firm would like to charge a "premium" for added risk due to non-attainment of milestones due to factors outside its control. It considers this premium to be 25% of deferred or contingent billing. What should be the total quoted fee for the engagement, including the contingent payment? $61600 $78600 $57600 $68000