Basics of Engineering Economy 1st Edition by Leland Blank,Anthony Tarquin

Exercise 11

An engineer who owns a construction company that specializes in large commercial projects noticed that material costs increased at a rate of 1% per month over the past 12 months.If a material cost index is created for that year with the value of the index set at 100 for the beginning of the year, what is the value of the index at the end of the year? Express your answer to two decimal places.