Answer:
![Y(t)= 475 (1.076)^t](https://tex.z-dn.net/?f=%20Y%28t%29%3D%20475%20%281.076%29%5Et%20)
Where Y(t) represent the average annual per capita health care costs
475 represent the initial amount for the average annual per capita health care costs
t represent the number of years since 1970
And 1.076 represent the growth factor given by:
![1+r = 1.076](https://tex.z-dn.net/?f=%201%2Br%20%3D%201.076)
And solving for r we got:
![r = 1.076-1 =0.076](https://tex.z-dn.net/?f=%20r%20%3D%201.076-1%20%3D0.076)
So for this case we can say that the value 1.076 represent the growth factor.
Step-by-step explanation:
For this case we have the following model given:
![Y(t)= 475 (1.076)^t](https://tex.z-dn.net/?f=%20Y%28t%29%3D%20475%20%281.076%29%5Et%20)
Where Y(t) represent the average annual per capita health care costs
475 represent the initial amount for the average annual per capita health care costs
t represent the number of years since 1970
And 1.076 represent the growth factor given by:
![1+r = 1.076](https://tex.z-dn.net/?f=%201%2Br%20%3D%201.076)
And solving for r we got:
![r = 1.076-1 =0.076](https://tex.z-dn.net/?f=%20r%20%3D%201.076-1%20%3D0.076)
So for this case we can say that the value 1.076 represent the growth factor.