Engineering Board Exam Reviewer · ECE · hard

A ₱2,000,000 contract allows 10% retention on each progress billing. The first billing is for 30% of the work. Ignoring advance payment and taxes, how much will the contractor receive for this billing?

  1. ₱600,000.00
  2. ₱60,000.00
  3. ₱540,000.00
  4. ₱1,800,000.00

Answer

C. ₱540,000.00

Solution

Billing = 30% × 2,000,000 = ₱600,000. Retention = 10% × 600,000 = ₱60,000. Net = ₱540,000.00.

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