An engineer who was awarded a Php450,000 contract to install the machineries of an oil mill failed to finish the work on time. As provided for in the contract, he has to pay a daily penalty equivalent to one-fourth of one percent per day for the first 10 days and 0.5% per day for the next 10 days and one percent per day for every day thereafter. How much was the total penalty if the completion of the contract was delayed by 26 days?
An engineer who was awarded a Php450,000 contract to install the machineries of an oil mill failed to finish the work on time. As provided for in the contract, he has to pay a daily penalty equivalent to one-fourth of one percent per day for the first 10 days and 0.5% per day for the next 10 days and one percent per day for every day thereafter. How much was the total penalty if the completion of the contract was delayed by 26 days?
Chapter2: Loads On Structures
Section: Chapter Questions
Problem 1P
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An engineer who was awarded a Php450,000 contract to install the machineries of an oil mill failed to finish the work on time. As provided for in the contract, he has to pay a daily penalty equivalent to one-fourth of one percent per day for the first 10 days and 0.5% per day for the next 10 days and one percent per day for every day thereafter. How much was the total penalty if the completion of the contract was delayed by 26 days?
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