Question: 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

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 each month of this year with the value of the index set at 100 for the beginning of the year, what would be the value of the index at the end of the year? Express your answer to two decimal places.

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