Exercise 5-50 (Static) Learning Curves (LO 5-7) Assume that Whee, Cheatham, and Howe is an auditing firm that has found that its summer interns are subject to a 90 percent learning curve for one of its important tasks, proofreading financial statements. For one of its interns, Kim Down, the firm has started to analyze the relation between time and financial statement proofreading. Financial Statements Proofread (X) 1 2 Time Required to Proofread the Xth Financial Statement 2.0 hours 1.8 hours 4 8 000 16 ? ? ? Required: a. Compute the time required to proofread 4, 8, and 16 financial statements. b. Assume that Kim's labor time costs $20 per hour. Compare the cost of proofreading the 1st financial statement to the cost of proofreading the 16th financial statement. What is the percentage of the cost of proofreading the 16th financial statement to the cost of proofreading the 1st financial statement? Complete this question by entering your answers in the tabs below. Required A Required B Compute the time required to proofread 4, 8, and 16 financial statements. (Round your answers to 4 decimal places.) Time required for 4th financial statement Time required for 8th financial statement hours hours Time required for 16th financial statement hours Complete this question by entering your answers in the tabs below. Required A Required B Assume that Kim's labor time costs $20 per hour. Compare the cost of proofreading the 1st financial statement to the cost of proofreading the 16th financial statement. What is the percentage of the cost of proofreading the 16th financial statement to the cost of proofreading the 1st financial statement? (Do not round your intermediate calculations. Enter your answer as percentage rounded to 2 decimal places (i.e., 32.21).) Percentage of proofreading cost for 16th financial statement to cost of proofreading first financial statement % Show less