A small textile plant was constructed in 2004. The major equipment, costs, and factors are shown below. Estimate the cost to build a new plant in 2014 if the index for this type of equipment has increased at an average rate of 12% per year for the past 10 years. Select the closest answer.

(a) $4,618,000

(b) $10,623,000

(c) $14,342,000

(d) $14,891,000