25 25. The amount spent each year by the U.S.government for health insurance for

Question

25 25. The amount spent each year by the U.S.government for health insurance for children in low-income families can be estimated by where hu) is in billions of dollars and is the number of years after 1998. How much was spent on health insurance for low-income children in 2007? Round to the nearest hundredth. A college loan of $29,000 is made at 3% interest. compounded annually. After t years, the amount due, A is given by the function 26, At) 29,000(1.03y How much money will be due on the loan in 5 years? Round to the nearest cent.

Explanation / Answer

25) h(t) = 2.6 ln t

amount spent on 2007

plug t = 9

h(t) = 2.6 ln 9

h(t) = 5.71 billion dollars

26) A(t) = 29,000(1.03)^t

plugging t = 5

A(t) = 29000 (1.03)^5

A(t) = 33618.95

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