Find that the parking lot cost index

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You have been asked to estimate the cost today of a 2,500 ft2 parking lot. You research and find that parking lots have a power-sizing exponent of 0.55 and that your company built a similar 1,000 ft2 lot 5 yrs ago that cost $50,000. You also find that the parking lot cost index was 1,306 5 yrs ago and it is now 1,487. What is your dollar estimate for the cost of the new lot?

Reference no: EM13734315

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