Basics of Engineering Economy 2nd Edition by Anthony Tarquin,Leland Blank

Exercise 15

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 were created for that year with the value of the index set at 100 at 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.