The cost of a piece of equipment was $67,900 when the relevant cost index was 1457.4. Determine the index value when the same equipment was estimated to cost $83,400?
What will be an ideal response?
Let It = index value
83,400 = 67,900 (It/1457.4)
It = 83,400(1457.4)/67,900
= 1790.1
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