A contract has $54,000 of retainage held on a completed phase. The owner releases 60 percent of that retainage. How much retainage remains held?
Correct Answer
D) $21,600
Released retainage is $54,000 x 60% = $32,400, so remaining retainage is $54,000 - $32,400 = $21,600. Other choices release half, report released retainage, or leave the full amount.
Why This Is the Correct Answer
Released retainage is $54,000 x 60% = $32,400, so remaining retainage is $54,000 - $32,400 = $21,600. Other choices release half, report released retainage, or leave the full amount.
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