EXERCISE8 PRESENT ECONOMY 8. A contractor failing to complete his contract worth P?00,000.00 in a specied time is compelled to pay a penalty of 1/2 of 1% per day for the rst 6 days of extra time required, and for additional day thereafter, the stipulated penalty is increased by 10% each day. If he pays a total penalty of P61,600.00, by how many days did he overrun his. contract time