A software company\'s labor requirements currently cost $320,000/year. The labor

Question

A software company's labor requirements currently cost $320,000/year. The labor-hour requirements are expected to increase by 11% per year over the next 5 years. If inflation is 2.0%, determine the labor costs after 5 years using: Carry all interim calculations to 5 decimal places and then round your final answer to the nearest dollar. The tolerance is plusminus 50. Carry all interim calculations to 5 decimal places and then round your final answer to the nearest dollar. The tolerance is plusminus 50.

Explanation / Answer

Then current dollars = $495498

Constant dollars = $485783

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