Chapter 8, Problem 33T

(a)

To determine

To calculate: The spending on health care in the United States in 2012 when the exponential function of the amount spent on health care in the United States is defined as,

$H\left(t\right)=2.37{\left(1.076\right)}^t$

where, $H\left(t\right)$ is the amount spent in trillions of dollars and t is the number of years since 2008.

(b)

To determine

To calculate: The year in which the spending on health care reach $\$5\text{ trillion}$ The exponential function of the amount spent on health care in the United States is defined as,

$H\left(t\right)=2.37{\left(1.076\right)}^t$

Here, $H\left(t\right)$ is the amount spent in trillions of dollars and t is the number of years since 2008.

(c)

To determine

To calculate: The doubling time of the amount spent on health-care when the exponential function of the amount spent on health care in the United States is defined as,

$H\left(t\right)=2.37{\left(1.076\right)}^t$

Here, $H\left(t\right)$ is the amount spent in trillions of dollars and t is the number of years since 2008.