Based on the current eligibility requirement, a study conducted in2004 showed th

Question

Based on the current eligibility requirement, a study conducted in2004 showed that federal spending on entitlement programs,particularly Medicare, would grow enormously in the future. Thestudy predicted that spending on Medicare, as a percent of thegross domestic product (GDP), will be P(t) =0.27t2 + 1.4t + 2 (0 t 5) percent in year t, where t is measured indecades, and t = 0 corresponds to 2000. (Round youranswers to two decimal places.) (b) What will the predicted spending on Medicare be in 2010? In 2050?

Explanation / Answer

(b)

In 2010, t=1 so P(1)=0.27(1)^2 + 1.4(1) + 2 = 3.67
In 2050, t=5 so P(5)=0.27(5)^2 + 1.4(5) + 2 = 15.75

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