Engineering Economics
Pick up the correct reason for making conceptual (or preliminary) estimate from the following:

To compute target estimate for the owner while drawing and specifications are in initial stage
To have a check on a definitive cost estimate
To check quotations from contractors and/or sub-contractors
All of these

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Engineering Economics
Which is NOT an essential element of an ordinary annuity?

Compound interest is paid on all amounts in the annuity.
The payments are made at equal interval of time.
The amounts of all payments are equal.
The first payment is made at the beginning of the first period.

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