The cost of conventional medications for diabetes has risen by an average of 13.1% per year over the past four years. During this same period of time, the cost of a specialty drug for rheumatoid arthritis (RA) has increased 22.5% per year. If these increases continue into the foreseeable future, in how many years will an RA medicine now costing $24 per dose be at least five times as expensive as a diabetes inhaler that now costs $11 per use? The minimum number of years required is . (Round up to the nearest whole number.)
The cost of conventional medications for diabetes has risen by an average of 13.1% per year over the past four years. During this same period of time, the cost of a specialty drug for rheumatoid arthritis (RA) has increased 22.5% per year. If these increases continue into the foreseeable future, in how many years will an RA medicine now costing $24 per dose be at least five times as expensive as a diabetes inhaler that now costs $11 per use? The minimum number of years required is . (Round up to the nearest whole number.)
Chapter1: Making Economics Decisions
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Transcribed Image Text:The cost of conventional medications for diabetes has risen by an average of 13.1% per year over the past four years. During this same period of time, the cost of a
specialty drug for rheumatoid arthritis (RA) has increased 22.5% per year. If these increases continue into the foreseeable future, in how many years will an RA
medicine now costing $24 per dose be at least five times as expensive as a diabetes inhaler that now costs $11 per use?
The minimum number of years required is
(Round up to the nearest whole number.)
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