The expression

475

⋅

1.07

6

t

475⋅1.076

t

475, dot, 1, point, 076, start superscript, t, end superscript models the average annual per capita health care costs, in dollars, in the US as a function of the number of years since

1970

19701970.

What does

1.076

1.0761, point, 076 represent in this expression?

Rate of annual increase

Step-by-step explanation:

Given that the expression   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 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,

In Year 2, when t=2,

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.

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