The formula to calculate the price per hour is:
\[ \text{PPH} = \frac{\text{TP}}{\text{H}} \]
Where:
Price per hour is a rate that indicates how much a certain amount of work or service costs for each hour of time spent. It is commonly used to bill clients for services rendered, to estimate costs for project-based work, or to understand the value of time spent on a task. This rate is crucial for freelancers, consultants, and businesses that provide services based on time spent.
Let's consider an example:
Using the formula to calculate the price per hour:
\[ \text{PPH} = \frac{500}{20} = 25 \text{ dollars/hour} \]
This demonstrates that with a total price of $500 and 20 hours of work, the price per hour is $25. ✅
