Question: A bond for $ 1 , 0 0 0 , 0 0 0 is required by the Virginia Department of Transportation from the General Contractor

A bond for $

1, 000, 000

is required by the Virginia Department of Transportation from the General Contractor for major repairs on a bridge in James City County. The General Contractor asks for a quote from the Surety Company he has on retainer, and their quote was

2.5 %

on the first $

750, 000,

and $

10 /

1, 000

on the next $

2, 000, 000 .

What would the General Contractor pay for the bond?

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