A medical insurance service reports that health-care expenditures per capita were $2823 in 1990 and $3365 in 1993. Assume that this rate of growth continues. (a) Find the three-year growth factor a. (Round your answer to two decimal places.) Find an exponential model E(x) = Cax for the annual health-care expenditures per capita, where x is the number of three-year time periods since 1990. (b) Use the model found in part (a) to predict health-care expenditures per capita in 1996 and in 2002. (Round your answers to the nearest cent.)
A medical insurance service reports that health-care expenditures per capita were $2823 in 1990 and $3365 in 1993. Assume that this rate of growth continues. (a) Find the three-year growth factor a. (Round your answer to two decimal places.) Find an exponential model E(x) = Cax for the annual health-care expenditures per capita, where x is the number of three-year time periods since 1990. (b) Use the model found in part (a) to predict health-care expenditures per capita in 1996 and in 2002. (Round your answers to the nearest cent.)
Chapter6: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 4PT: An investment account was opened with aninitial deposit of 9,600 and earns 7.4 interest,compounded...
Related questions
Topic Video
Question
A medical insurance service reports that health-care expenditures per capita were $2823 in 1990 and $3365 in 1993. Assume that this rate of growth continues.
(a) Find the three-year growth factor a. (Round your answer to two decimal places.)
Find an exponential model
E(x) = Cax
for the annual health-care expenditures per capita, where x is the number of three-year time periods since 1990.
(b) Use the model found in part (a) to predict health-care expenditures per capita in 1996 and in 2002. (Round your answers to the nearest cent.)
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, algebra and related others by exploring similar questions and additional content below.Recommended textbooks for you
Trigonometry (MindTap Course List)
Trigonometry
ISBN:
9781337278461
Author:
Ron Larson
Publisher:
Cengage Learning
Trigonometry (MindTap Course List)
Trigonometry
ISBN:
9781337278461
Author:
Ron Larson
Publisher:
Cengage Learning