Question

an engineer who owns a construction company that specializes in large commercial projects noticed that material costs increased at a rate of 1.4% per quarter over the past 2 years. if a material cost index were created for that 2-year period with the value of the index set at 180 at the beginning of the period, what would be the value of the index at the end? Express your answer to two decimal places.The value of the index at the end is determined to be .

Answer 1

Express your answer to two decimal places.The value of the index at the end is determined to be = 201.18

Value of index at the end = value at the beginning ×(1 + growth rate) ^n

here,

the value at the beginning = 180

growth rate = 1.4% per quarter =>0.014.

n = 2 years × 4 quarters =>8.

value of index at the end = 180*(1.014) ^8

=>201.18.

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