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Labour Costs
Definition of Labour Cost
A labour cost refers to all the costs incurred in compensating the human resources used in the production process to provide a useful service. Such compensation generally comes in the form of like:
a. Overtime pay
b. Basic salary
c. Allowances
d. Bonus
e. Wages
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You want to have $2,000,000 in your retirement account (IRA) at the end of 30 years. You hope to earn 6% per year. How much must you save each year?
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