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. Calculate the projected amount the average American spent on health care in 2014

Solution:

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

The increasing function is given as:

Where,

y is future value

a is initial value

r is growth rate in decimal

t is number of years

From given,

a = 8508

t = 2011 to 2014 = 3 years

Substituting the values, we get,

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

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