The formula to calculate the Contract Rate (CONR) is:
\[ CONR = \frac{VC}{T} \]
Where:
The contract rate is the rate charged per hour for a contract. It is calculated by dividing the total value of the contract by the total number of hours needed to complete the contract. This rate is important for understanding the cost of services provided under a contract and helps in budgeting and financial planning.
Let's assume the following values:
Using the formula to calculate the Contract Rate (CONR):
\[ CONR = \frac{VC}{T} = \frac{5000}{100} = 50 \text{ \$ per hour} \]
The Contract Rate (CONR) is \$50 per hour.
