A water treatment plant cost $$70$ million when it was built in $1996.$ The detailed cost breakdown is given below. Determine a weighted index ratio, to four decimal places, for the construction of a similar plant in $2022.$

Cost Element Percent Index $(1996)$ Index $(2022)$

Feasibility Study and Design Services $789211$

Labor $26196266$

Materials $39125333$

Equipment, including installation costs $28114171$