A small consulting engineering company bought an office building for $880,000. The company has eight engineers and eight support staff. Monthly expenses for for salaries, utilities, grounds maintenance, etc., are $113,000. Use an average billing rate per engineer of $83 per hour and an interest rate of 1.1% per month. Assume the building will have a market value of $1.7 million after 9 years. (a)How many billable hours must each engineer generate per month to generate a profit of $16,000 per month? _____billable hours per month per engineer (b)Assume each engineer works 2000 hours per year. What is the necessary billing efficiency (utilization rate) to achieve this profit level? ______%