The Transylvania Times -

Capital Costs Will Triple


August 24, 2017

In your front page story in The Transylvania Times on Thursday, Aug. 10, “School Board Votes To Put Bond …,” Norris Barger, director of business services and plant operations said that the $93 million capital request was based on the referendum being held in November 2018, and that with a “12 percent annual increase in construction costs, the costs would double every eight years.”

Barger apparently used a calculation based on simple interest. Using compound interest — the proper method for calculating cost inflation — the capital costs would double in six years. Further,...

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