Associates, a law$$ firm, hires Attorney Lucy Jodoin at an annual salary of $ $150$ comma $000.$ The law firm expects her to spend$1$ comma $500$ hours a year performing legal work for clients. Indirect costs are assigned to clients based on attorney billing hours. Firm attorneys are expected to work a total of $30$ comma $000$ direct labor hours this year. Before the fiscal year$$ begins, Holman estimates that the total indirect costs for the upcoming year will be $ $450$ comma $000.$

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Part $1$

$1.$ What would be the hourly$($cost$)$ rate to Holman Associates of employing Jodoin$?$

Identify the correct formula and compute the hourly rate.

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Hourly rate

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