Associates, a law firm, hires Attorney VickyVicky SmithSmith at an annual salary of $ 160 comma 000$160,000. The law firm expects her to spend 1 comma 6001,600 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 14 comma 00014,000 direct labor hours this year. Before the fiscal year begins, FoleyFoley estimates that the total indirect costs for the upcoming year will be $ 560 comma 000$560,000.\ Read the requirements LOADING... .\ Question content area bottom\ Part 1\ 1. What would be the hourly (cost) rate to FoleyFoley Associates of employing SmithSmith?\ Identify the correct formula and compute the hourly rate. \ \ \ \ \ -:\ \ =\ Hourly rate\ \ \ -:\ \ =