Based on the current eligibility requirement, a study conducted in 2004 showed t

Question

Based on the current eligibility requirement, a study conducted in 2004 showed that federal spending on entitlement programs, particularly Medicare, would grow enormously in the future. The study predicted that spending on Medicare, as a percentage of the gross domestic product (GDP),ll be Plt) = 0.278 + 1.4t + 2.2 (0 tS 5) percent in year t, where t is measured in decades, with t = 0 corresponding to 2000."(Round your answers t two decimal places. (a) How fast was the spending on Medicare, as a percentage of the GDP, growing in 2020? %/decade How fast will it be growing in 2030? %/decade (b) What was the predicted spending on Medicare in 2020? What will it be in 2030? Need Help? Read It Subrmit Answer Save Progress Practice Another Version 11. +-12 points TanApMath7 9.4.071 My Notes Ask Your Teacher 10:17 PM Type here to search 4/29/2018

Explanation / Answer

Solution :- (a) We have given P(t) = 0.27t^2 + 1.4t + 2.2

To find the rate of change, We just find the derivative:of P(t) = 0.27t^2 + 1.4t + 2.2

so P'(t) =0.54t + 1.4

in 2020, t=2 so 0.54(2) + 1.4 = 2.48 %
in 2040, t=4 so 0.54(4) + 1.4 = 3.56 %

(b) To find the value of the function, simply we use the equation given P(t) = 0.27t^2 + 1.4t + 2.2

in 2020, t=2 so 0.27(2)^2 + 1.4(2) + 2.2 = 6.08 %
in 2040, t=4 so 0.27(4)^2 + 1.4(4) + 2.2 = 12.12 %

please comment it ASAP

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