to expand your business, you hire a banker to raise $1 mm in order to finance a building designed by an…

to expand your business, you hire a banker to raise $1 mm in order to finance a building designed by an architect. you also hire an attorney for 12 hours, and a computer programmer for 10 hours. what is the total cost for these services?

to expand your business, you hire a banker to raise $1 mm in order to finance a building designed by an architect. you also hire an attorney for 12 hours, and a computer programmer for 10 hours. what is the total cost for these services?

Answer

Explanation:

Step1: Calculate banker's cost

The capital raised is $1,000,000. The banker's fee is 2% of this amount. So, the banker's cost is ( 1000000\times\frac{2}{100}=20000 ) dollars.

Step2: Calculate architect's cost

The architect has a flat - fee of $10,000.

Step3: Calculate attorney's cost

The attorney is hired for 12 hours at a rate of $200 per hour. So, the attorney's cost is ( 12\times200 = 2400 ) dollars.

Step4: Calculate computer programmer's cost

The computer programmer is hired for 10 hours at a rate of $50 per hour. So, the computer programmer's cost is ( 10\times50=500 ) dollars.

Step5: Calculate total cost

Add up all the costs: ( 20000 + 10000+2400 + 500) [ \begin{align*} &20000+10000 + 2400+500\ =&30000+2400 + 500\ =&32400+500\ =&32900 \end{align*} ]

Answer:

$32900