The details are below:XYZ College has provided free parking to its faculty and staff. However, things are looking a bit tough and now the College plans to charge the faculty and staff for parking. This will be a nominal charge of $50 per semester. The students will continue to park for free.The president of the college has asked you to write a memo to the faculty and staff regarding this charge from the new semester. The memo must be concise but also must explain the need for this charge.See how to write memos in Chapter 1.4 and Chapter 2(Attached)Also, see the sample memo attached here for possible formatting.