1. This is similar to the project cost example we did in class, to give you more practice with estimating a certain product development project. Estimate the cost of a 1 year (12 month) development project requiring two senior engineers, two junior engineers, two technician, all working full-time (40 hrs/week), plus one consultant who will be billed 3 days per month. Assume an average benefits rate of 50%, 20 sick/vacation days per year, and a 35% overhead rate. This project requires creating one prototype every 2 months, at a cost of about $65,000 per prototype. You are the project manager and this one of the two projects you are managing, which each take half of your time. This project also requires that you travel back to worldwide headquarters every three months to report to the CEO on progress, with each trip costing $2,500. The salaries for you and your team are as follows:

Project Manager $165,000/yr

Senior Engineer $130,000/yr

Junior Engineer $80,000/yr

Technician $65,000/yr

Consultant $1,500/day

You may use the posted project cost template for this question, but feel free to create your own. What is the total cost of this project?