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contractor decided to bid for a major commercial project. The total price of her bid is $10 million. Estimate the total cost of estimating and preparing the bid proposal.

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Answer: $150,000

Explanation:

The total cost of estimating and preparing the bid would normally fall between 1% and 2% of the total price of the bid.

It would therefore be best to use an average rate of these:

= ( 1 + 2) / 2

= 1.5%

The estimate will therefore be:

= 1.5% * 10,000,000

= $150,000

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