Question

The expression

Answer 1

Answer:

Rate of annual increase

Step-by-step explanation:

Given that the expression  $475\cdot1.076^t,$ models the average annual per capita health care costs, in dollars, in the US as a function of the number of years t since  1970 .

1.076 in the expression $475\cdot1.076^t,$ represents the rate of annual increase of the annual per capita health care costs (in dollars).

Take for example,

In Year 1, when t=1, $475\cdot1.076^{1}$

In Year 2, when t=2, $475\cdot1.076^{2}=475\cdot1.076\cdot1.076=(Year 1)\cdot1.076$

Once we know the annual per capita health care costs for the previous year, we simply multiply it by 1.076 or for any number of years, raise it to t years.