A bid amount is $2,360,000 and bid security is required at 5 percent. What bid security amount is required?
Correct Answer
C) $118,000
Bid security is $2,360,000 x 5% = $118,000. Other choices use 1%, 10%, or 0.5% rather than the stated 5%.
Why This Is the Correct Answer
Bid security is $2,360,000 x 5% = $118,000. Other choices use 1%, 10%, or 0.5% rather than the stated 5%.
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