A start-up chemical company has an average cost of capital of 11% per year. Additionally, it has a long-term goal of making at least a 19% per year rate of return on all investments; however, because of market opportunity the ROR can be reduced for the current project by 3%. If the company acquired $61 million in venture capital, how much did it have to earn in the first year?

Salge inc. bases its manufacturing overhead budget on budgeted direct labor-hours. the variable overhead rate is $8.10 per direct labor-hour. the company's budgeted fixed manufacturing overhead is $74,730 per month, which includes depreciation of $20,670. all other fixed manufacturing overhead costs represent current cash flows. the direct labor budget indicates that 5,300 direct labor-hours will be required in september. the company recomputes its predetermined overhead rate every month. the predetermined overhead rate for september should be: