Homeowner Henry is building a fireplace for the house he is constructing. He estimates that his fireplace will require 800 bricks. Answer the following:
(a) If the cost of a chimney brick in 1978 was $2.10, calculate the material cost of Henry's project in 1998. The chimney brick index (CBI) was 442 in 1970 and is expected to be 618 in 1998.
(b) Estimate the material cost of a similar fireplace to be built in the year 2008. What assumption did you make?