Computer Programmer $75/hour Architect $8,000 flat fee Attorney $250/hour Bankers 2% of capital raised 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 10 hours, and a computer programmer for 8 hours. What is the total cost for these services? A. $31,100 B. $32,000 C. $22,400 D. $35,800 2022 International Academy of Science. All Rights Reserved.
Computer Programmer $75/hour Architect $8,000 flat fee Attorney $250/hour Bankers 2% of capital raised 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 10 hours, and a computer programmer for 8 hours. What is the total cost for these services? A. $31,100 B. $32,000 C. $22,400 D. $35,800 2022 International Academy of Science. All Rights Reserved.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Help please and can provide correct answer
![### Professional Service Costs for Business Expansion
To expand your business, various professional services might be required. Below is a rate chart for different professionals you may need to hire:
- **Computer Programmer**: $75/hour
- **Architect**: $8,000 flat fee
- **Attorney**: $250/hour
- **Bankers**: 2% of capital raised
#### Scenario:
You hire the following professionals for the specified tasks:
- **Banker**: To raise $1 million (mm) in capital.
- **Architect**: To design a building.
- **Attorney**: For 10 hours of legal services.
- **Computer Programmer**: For 8 hours of programming work.
**Question**: What will be the total cost for these services?
### Answer Choices:
A. $31,100
B. $32,000
C. $22,400
D. $35,800
**Explanation:**
To find the total cost, calculate the expenses for each service:
1. **Banker**:
- 2% of $1,000,000 = $20,000.
2. **Architect**:
- Flat fee = $8,000.
3. **Attorney**:
- 10 hours at $250/hour = 10 * $250 = $2,500.
4. **Computer Programmer**:
- 8 hours at $75/hour = 8 * $75 = $600.
Therefore, the total cost would be:
\[ \text{Total Cost} = \$20,000 + \$8,000 + \$2,500 + \$600 = \$31,100 \]
Hence, the correct answer is:
- **A. $31,100**](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F657b0f2c-505d-4f01-9591-bc88ec786b35%2Fdfe9c14e-1184-4358-84f2-29ad9793e6a8%2Fyytll44j_processed.jpeg&w=3840&q=75)
Transcribed Image Text:### Professional Service Costs for Business Expansion
To expand your business, various professional services might be required. Below is a rate chart for different professionals you may need to hire:
- **Computer Programmer**: $75/hour
- **Architect**: $8,000 flat fee
- **Attorney**: $250/hour
- **Bankers**: 2% of capital raised
#### Scenario:
You hire the following professionals for the specified tasks:
- **Banker**: To raise $1 million (mm) in capital.
- **Architect**: To design a building.
- **Attorney**: For 10 hours of legal services.
- **Computer Programmer**: For 8 hours of programming work.
**Question**: What will be the total cost for these services?
### Answer Choices:
A. $31,100
B. $32,000
C. $22,400
D. $35,800
**Explanation:**
To find the total cost, calculate the expenses for each service:
1. **Banker**:
- 2% of $1,000,000 = $20,000.
2. **Architect**:
- Flat fee = $8,000.
3. **Attorney**:
- 10 hours at $250/hour = 10 * $250 = $2,500.
4. **Computer Programmer**:
- 8 hours at $75/hour = 8 * $75 = $600.
Therefore, the total cost would be:
\[ \text{Total Cost} = \$20,000 + \$8,000 + \$2,500 + \$600 = \$31,100 \]
Hence, the correct answer is:
- **A. $31,100**
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