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Although Social Security is a problem, same projections indicate that there’s a much bigger time bomb ticking in the federal budget, and that’s Medicare. In 2000, the cost of Social Security was 5.48% of the gross domestic product, increasing by 0.04% of the GDP per year. In 2000, the cost of Medicare was 1.84% of the gross domestic product, increasing by 0.17% of the GDP per year. (Source: Congressional Budget office)
a. Write a function that models the cost of Social Security as a percentage of the GDP x year after 2000.
b. Write a function that models the cost of Medicare as percentage of the GDP x years after 2000.
c. In which year will the cost of Medicare and Social Security be the same? For that year, what will be the cost of each program as a percentage of the GDP? Which program will have the greater cost after that year?
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