The formula for calculating the permit fee is:
\[ PF = TC \times \frac{FR}{100} \]
Where:
A permit fee is a charge imposed by a government or regulatory body for the issuance of a permit. This fee is typically calculated as a percentage of the total cost of the project or activity for which the permit is required. The permit fee helps cover the administrative costs associated with processing and issuing the permit.
Let's assume the following values:
Using the formula to calculate the permit fee:
\[ PF = 5000 \times \frac{2}{100} = 100 \text{ dollars} \]
The permit fee is $100.
