Therefore, the additional cost for extending the insurance by 1 day is $32.

  • Context: MHB 
  • Thread starter Thread starter 816318
  • Start date Start date
  • Tags Tags
    Per
Click For Summary
SUMMARY

Triangle Construction pays Square Insurance $5980 to insure a construction site for 92 days, resulting in a daily cost of $65. To extend the insurance for an additional day costs $97, leading to a difference of $32 between the extension cost and the average daily cost during the initial period. The calculation confirms that the additional cost for extending the insurance by one day is definitively $32.

PREREQUISITES
  • Basic understanding of insurance cost calculations
  • Familiarity with arithmetic operations involving division and subtraction
  • Knowledge of how to interpret and manipulate algebraic expressions
  • Ability to apply real-world financial concepts to mathematical problems
NEXT STEPS
  • Study insurance premium calculations and daily cost assessments
  • Learn about financial modeling techniques for project budgeting
  • Explore algebraic methods for solving cost-related equations
  • Research best practices for managing construction project insurance
USEFUL FOR

Construction project managers, financial analysts, insurance professionals, and anyone involved in budgeting and cost management for construction projects.

816318
Messages
14
Reaction score
0
Triangle Construction pays Square Insurance 5980 dollars to insure a construction site for 92 days. To extend the insurance beyond the 92 days costs $97 per day. At the end of this period, if Triangle extends the insurance by 1 day, how much more does Triangle pay for that day than it paid per day during the first period of time?

Can someone show me how set up to get the answer 32?
 
Mathematics news on Phys.org
I've edited the title of your thread to indicate the nature of the question being asked.

To find the cost per day for the first 92 days, which we'll call$C_1$, we need to take the total cost and divide by the total number of days.:

$$C_1=\frac{5980\text{ dollars}}{92\text{ days}}=65\,\frac{\text{dollars}}{\text{day}}$$

Now, to find how much more that 1 additional day costs, we find the difference $D$ between the cost for that additional day and the average cost for the first 92 days:

$$D=\left(97-65\right)\,\frac{\text{dollars}}{\text{day}}=32\,\frac{\text{dollars}}{\text{day}}$$
 

Similar threads

Replies
3
Views
3K
  • · Replies 1 ·
Replies
1
Views
2K
  • · Replies 8 ·
Replies
8
Views
2K
Replies
13
Views
11K
  • · Replies 75 ·
3
Replies
75
Views
7K
  • · Replies 3 ·
Replies
3
Views
5K
  • · Replies 14 ·
Replies
14
Views
5K
  • · Replies 67 ·
3
Replies
67
Views
15K
  • · Replies 2 ·
Replies
2
Views
1K
  • · Replies 7 ·
Replies
7
Views
4K