An architect is helping their client determine the budget required for a project. The project has an estimated gross building area of 805,377 square feet and an estimated cost of $153 per square foot. The architect is estimating an additional 15% for site development and 8% for fixed equipment.
What is the estimated total cost of construction? Round to the nearest whole dollar.
Incorrect - the answer is 151563898
Total construction cost = building costs + site development + fixed equipment
Building cost = gross area x unit cost = 805,377 sf. x $153 = $123,222,681
Site development = 15% of building cost = .15 x $123,222,681 = 18,483,402.15
Fixed equipment = 8% of building cost = .08 x $123,222,681 = $9,857,814.48
$123,222,681 + 18,483,402.20 + $9,857,814.48 = $151,563,898
Please review the question and answer, the question is asking to round to the nearest “whole dollar” so why would 151,564 be wrong answer?