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To expand your business, you hire a banker to raise \$1 million in order to finance a building designed by an architect. You also hire an attorney for 10 hours and a computer programmer for 16 hours. What is the total cost for these services?

[tex]\[
\begin{tabular}{|l|l|}
\hline
Service & Rate \\
\hline
Computer Programmer & \$100 / hour \\
\hline
Architect & \$12,000 flat fee \\
\hline
Attorney & \$225 / hour \\
\hline
Banker & 2\% of capital raised \\
\hline
\end{tabular}
\][/tex]

Total cost: \$[?]



Answer :

GinnyAnswer
Let's break down the costs step by step to find the total cost for these services.

1. Banker's Fee:
- The banker charges a fee of 2% of the capital raised.
- The capital raised is $1,000,000.
- Therefore, the banker's fee is \( 0.02 \times 1,000,000 = 20,000 \) dollars.

2. Architect's Fee:
- The architect charges a flat fee of $12,000.
- Therefore, the architect's fee is \( 12,000 \) dollars.

3. Attorney's Fee:
- The attorney charges $225 per hour and works for 10 hours.
- Therefore, the attorney's fee is \( 225 \times 10 = 2,250 \) dollars.

4. Computer Programmer's Fee:
- The computer programmer charges $100 per hour and works for 16 hours.
- Therefore, the programmer's fee is \( 100 \times 16 = 1,600 \) dollars.

5. Total Cost:
- To find the total cost, we sum all the individual fees.
- Total cost = Banker's Fee + Architect's Fee + Attorney's Fee + Programmer's Fee
- Total cost = \( 20,000 + 12,000 + 2,250 + 1,600 = 35,850 \) dollars

So, the total cost for these services is $35,850.

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