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.