1. Which of the following activities could be categorized as backward planning?
a) Figuring that you will need $1000 by June 1st to go on vacation and determining how many extra hours you need to work over the next few months.
b) Saving 10% of your salary.
c) Planning a drive that will hit the least amount of traffic, allow you to stop for dinner, and make it to a meeting in Austin by 7pm.
d) Renewing the lease on your apartment because a discount was offered.
e) Focusing on alternate activities while you are waiting for a supplier to provide a quote.
2. A certain index for the cost of purchasing and installing utility boilers is keyed to 1988, where its baseline value was arbitrarily set at 100. Company XYZ installed a 50,000-lb/hour boiler for $525,000 in 2010 when the index had a value of 468. This same company must install a boiler of the same size in 2017. The index in 2017 is 542. What is the approximate cost of the new boiler?