Question: You are building an office block for a client for R30m. The estimated costs to complete is 21m and the project will take 3 years.
You are building an office block for a client for R30m. The estimated costs to complete is 21m and the project will take 3 years. The contract stipulates that you are entitled to payment at the end of each year. Year1 Year2 Year3 Cost incurred (to 5m 13m 22m date) Estimated costs to 16m 9m 0 finish Estimated total 21m 22m 22m costs 2.4.1 What is the % complete for year 1? (3) 2.4.2 What is the % complete for year 2? (3) 2.4.3 What is the % complete for year 3? (3) 2.4.4 At the end of year 1 what is the amount that you can invoice the client for? (3) 2.4.5 At the end of year 2 what is the amount that you can invoice the client for? (4) 2.4.6 At the end of year 3 what is the amount that you can invoice the client for? (4)
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