You are renovating a basement in a house. The project should take 5 days to complete...
You are renovating a basement in a house. The project should take 5 days to complete and cost $1500 per day. At the end of the third day the project is 30% complete and $5,000 has been spent. How much more money do you predict you will spend on this project before completing it?
Homework Answers
Amount spent for 30% completion of the work is $5000
Therefore amount that would be spent for remaining 70% completion of the work is (0.7 x $5000) / 0.3 = $11666.67
Hence $11666.67 more is required before 100% completion of the project.
Also only 30% of the work is completed in 3 days.
Number of days required to complete another 70% of the work is = (0.7 x 3) / 0.3 = 7 days.
Hence 7 more days are required to complete remaining 70% of the project.
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