Out of-pocket spending in a country for health care increased between 2003 and 2008. The function fox)-2574models average annual expenditures per household, in dollars. In this model, x represents the year, where x 0 corresponds to 2003 (a) Estimate out-of-pocket household spending on health care in 2008 (b) Determine the year when spending reached $2875 per household (c) The total expenditures per household in the year 2008 were approximately S (Round to the nearest dollar as needed.)

Answer:

(a) The total expenditures per household in the year 2008 were approximately $3,080.

(b) The spending reached $2875 per household in 2006.

Step-by-step explanation:

Note: This question is not complete, and the part c is not another question but the same question as part a. The complete question is therefore provided before answering the question as follows:

Out of-pocket spending in a country for health care increased between 2003 and 2008. The function f(x) = 2574e^(0.0359x) models average annual expenditures per household, in dollars. In this model, x represents the year, where x = 0 corresponds to 2003.

(a) Estimate out-of-pocket household spending on health care in 2008.

(b) Determine the year when spending reached $2875 per household

The explanation to the answer is now given as follows:

(a) Estimate out-of-pocket household spending on health care in 2008.

Given;

f(x) = 2574e^(0.0359x) ........................ (1)

Since x = 0 corresponds to 2003; by counting from 2003 to 2008, it implies that x = 5 corresponds to 2008.

Substituting x = 5 into equation (1) to estimate out-of-pocket household spending on health care in 2008, we have:

f(6) = 2574e^(0.0359 * 5)

f(6) = 2574 * 1.19661890406748

f(6) = 3,080.09705906969

Rounding to the nearest dollar as needed, we have:

f(6) = $3,080

Therefore, the total expenditures per household in the year 2008 were approximately $3,080.

(b) Determine the year when spending reached $2875 per household

This can be determined using equation (1) in part a by equating f(x) to $2875 solve for x as follows:

2875 = 2574e^(0.0359x)

2875 /2574 = e^(0.0359x)

1.11693861693862 = e^(0.0359x)

Taking the natural log of both sides, we have:

ln(1.11693861693862) = ln(e^(0.0359x))

0.110591565075382 = 0.0359x

x = 0.110591565075382 / 0.0359

x = 3.0805449881722

Approximating to a whole number, we have:

x = 3

Since x = 0 corresponds to 2003; by counting from 2003, x = 3 corresponds to 2006.

Therefore, the spending reached $2875 per household in 2006.

An exponential model can be found when two data points from the model are known.

The total expenditures per household in the year 2008 were near $3,080.

The spending reached $2875 per household in year 2006

(a). Out of-pocket spending in a country for health care given by function,         [tex]f(x) = 2574e^{0.0359x}[/tex]

Since [tex]x = 0[/tex] corresponds to 2003, Similarly, x = 5 corresponds to 2008.

Substituting x = 5 into above function to estimate out-of-pocket household spending on health care in 2008

[tex]f(5) = 2574e^{0.0359*5} \\\\f(5)=3080[/tex]

f(5) = $3,080

Therefore, the total expenditures per household in the year 2008 were approximately $3,080.

(b). To determine the year when spending reached $2875 per household

 [tex]2875 = 2574e^{0.0359x} \\\\2875/2574=e^{0.0359x} \\\\1.1169=e^{0.0359x}[/tex]

 Taking natural log on both side

[tex]x=\frac{ln(1.1169)}{0.0359} =3.07[/tex]

Since x = 0 corresponds to 2003, So  x = 3 corresponds to 2006.

Therefore, the spending reached $2875 per household in 2006.

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