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Mining Engineer

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AVG. SALARY

$119,260

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EDUCATION

Bachelor's degree

Real-Life Activities

Real-Life Math -- Solution

This is the estimate you've been given:

Employee compensation: $30,000
Contractor services: $10,000
Equipment rental: $5,000
Explosives and other supplies: $2,000
Legal fees: $750
Insurance: $275
Miscellaneous: $1,000

Total = $49,025

How much over or under budget is that?

$75,000 budget - $49,025 total costs = $25,975 under budget

If you encounter an unforeseen problem with blasting that costs $275,000, how much over budget will your project then become?

$25,975 remaining in budget - $275,000 in new costs = $249,025 over budget

Your project would be $249,025 over budget.


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