Hay and List is a firm of accountants. They charge out 2,800 hours per year. The firm has a 10% share of the total market of chargeable hours. Their charge out rate is $200 per hour. Next year they expect their market share to increase from 10% to 15%, and their chargeout rate to increase by 10% Required: Complete these budget questions. i. ii. iii. iv. Size of the total market in hours: Expected hours for Hay and List next year: Expected chargeout rate for Hay and List next year: Expected fees for Hay and List next year: i). Firm's market share 10% of total market Therefore 2800 hrs/10% = 28,000 hrs total market in hours ii). Firm market share to increase to 15% next year = 115% Therefore 115% x 2800 = 3,220 hrs per year iii). Firm expected chargeout rate increase to 10% = 110% Therefore 110% x 220 = $220 per hour chargeout rate iv). Expected fees for next year = 3220 x $220 = $708,400