Question

For the years from 2002 and projected to 2024, the national health care expenditures H, in billions of dollars, can be modeled by H = 1,500e0.053t where t is the number of years past 2000.† In what year are national health care expenditures expected to reach $4.0 trillion (that is, $4,000 billion)?

Answer 1

Answer:

2019.

Step-by-step explanation:

We have been given that for the years from 2002 and projected to 2024, the national health care expenditures H, in billions of dollars, can be modeled by $H = 1,500e^{0.053t}$ where t is the number of years past 2000.

To find the year in which national health care expenditures expected to reach $4.0 trillion (that is, $4,000 billion), we will substitute $H=4,000$ in our given formula and solve for t as:

$4,000= 1,500e^{0.053t}$

$\frac{4,000}{1,500}=\frac{ 1,500e^{0.053t}}{1,500}$

$\frac{8}{3}=e^{0.053t}$

$e^{0.053t}=\frac{8}{3}$

Take natural log of both sides:

$\text{ln}(e^{0.053t})=\text{ln}(\frac{8}{3})$

$0.053t\cdot \text{ln}(e)=\text{ln}(\frac{8}{3})$

$0.053t\cdot (1)=0.9808292530117262$

$\frac{0.053t}{0.053}=\frac{0.9808292530117262}{0.053}$

$t=18.506212320$

So in the 18.5 years after 2000 the expenditure will reach 4 trillion.

$2000+18.5=2018.5$

Therefore, in year 2019 national health care expenditures are expected to reach $4.0 trillion.