If the floor plan of a new building is shown the building cost $35.00 a saqure foot to construct you need to obtain insurance for the new building .how much insure?
If we do not know the total cost of the building, we cannot estimate how much insurance is needed.
$2520
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You plan to buy $12,000 in computers at a local chain store. There are two stores located about the same distance from your office but in different cities with different tax rates. One city has a tax rate of 7% and the other has a tax rate of 8.5%.
To determine the amount of insurance required for the new building, you need to calculate the total cost of constructing the building based on the floor plan.
Step 1: Calculate the area of the building
Look at the floor plan and determine the dimensions of each room or area. Multiply the length by the width of each room and sum up those values to find the total square footage of the building.
Step 2: Multiply the square footage by the construction cost per square foot
Once you have the total square footage of the building, multiply it by the construction cost per square foot ($35.00 in this case) to find the total cost of constructing the building.
Step 3: Determine the amount of insurance required
The amount of insurance required should be equal to or slightly more than the total cost of constructing the building. This will ensure that you have adequate coverage in case of any damages or losses.
Example calculation:
Let's say the total square footage of the building is 1,500 square feet.
Total cost of construction = 1,500 square feet * $35.00/square foot = $52,500.00
Therefore, you would need to obtain insurance for at least $52,500.00 for the new building.