Problem
Cost of a construction material in 8 consecutive periods has been reported as follows: $4.84, $4.99, $5.11, $5.38, $5.65, $6.10, $6.73, $7.01
1. Develop the cost index of this material for all 8 periods.
2. What is the percent change in index value from period 7 to 8?
3. What is the average periodic rate of increase during the 8 periods?
4. Using the average rate of increase calculated in Part 3, estimate the cost index for period 12.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.