Mrs. Tolstoy and her husband, Serge, are planning their dream house. The lot for the house sits high on a hill with a beautiful view of the Appalachian Mountains. The plans show the size of the house to be 2,900 square feet. The average price for a lot and house similar to this one has been $120 per square foot. Fortunately, Serge is a retired plumber and feels he can save money by installing the plumbing himself. Mrs. Tolstoy feels she can take care of the interior decorating.
The following average cost information is available from a local bank that makes loans to local contractors and dispenses progress payments to contractors when specific tasks are verified as complete.
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a. What is the estimated cost for the TolstoysĂ˘â‚¬â„˘ house if they use contractors to complete all of the house?
b. Estimate what the cost of the house would be if the Tolstoys use their talents to do some of the work themselves.