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DENIUS [597]
3 years ago
9

The average American spent $8,508 on health care in 2011. The cost of health care is projected to rise about 5.8% per year for t

he years 2012-2022. Calculate the projected amount the average American spent on health care in 2014
Mathematics
1 answer:
klio [65]3 years ago
4 0
<h3>The projected amount the average American spent on health care in 2014  is $ 10075.91</h3>

<em><u>Solution:</u></em>

Given that,

The average American spent $8,508 on health care in 2011

The cost of health care is projected to rise about 5.8% per year for the years 2012-2022

<em><u>The increasing function is given as:</u></em>

y = a(1+r)^t

Where,

y is future value

a is initial value

r is growth rate in decimal

t is number of years

From given,

a = 8508

r = 5.8 \% = \frac{5.8}{100} = 0.058

t = 2011 to 2014 = 3 years

<em><u>Substituting the values, we get,</u></em>

y = 8508(1 + 0.058)^3\\\\y = 8508(1.058)^3\\\\y = 8508 \times 1.1842\\\\y = 10075.914 \approx 10075.91

Thus the projected amount the average American spent on health care in 2014  is $ 10075.91

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