however Henry is building a fireplace in his home, the fireplace will require 2500 bricks. a)...

however Henry is building a fireplace in his home, the fireplace will require 2500 bricks.

a) if the cost of chimney brick in 2017 $2.10. calculate the material cost of Henry's project in 2020 . the chimney brick index (CBI) was 442 in 2017 and is expected to be 651 in 2020

b) estimate the material cost of similar fireplace to be built in the year 2023
what assumption did you make?

Expert Solution

The percentage change in the Chimney Brick Index = (651 - 442)/(442)*100 = 47.29%

The cost of a chimney brick in 2017 was $2.10. In 2020, this rate will rise by 47.29%. So, in 2020 the cost of a chimney brick will be = 147.29% of $2.10 = $2.10 * 1.4729 = $3.09

Henry needs 2500 bricks for this project. So his material cost would be = $3.09 * 2500 = $7725.00

b) Let us assume that the Chimney Brick Index will increase in the similar fashion. In 3 years (from 2017 to 2020), it increased by 651 - 442 = 209 points.

So, the average yearly growth of the index was 209/3 = 69.67

So, in the next 3 years (from 2020 to 2023), the index is expected to grow by 69.67 * 3 = 209.01 and in 2023 the index will be = 651 + 209.01 = 860.01

The percentage change in the index from 2017 to 2023 is = (860.01 - 442)/(442)*100 = 94.57%

So, the price of a brick in 2023 is expected to be $2.10 * 1.9457 = $4.09

The cost of the project in 2023 is expected to be $4.09 * 2500 = $10225.00

The assumption was that the index will grow in the same rate i.e. the rate of inflation will remain same till 2023.

Rahul Sunny answered 1 week ago

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