Spending on Medicare 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), will be P(t) = 0.27t2 + 1.4t + 2.2 (0 sts 5) percent in year t, where t is measured in decades, with t = 0 corresponding to 2000.t (Round your answers to two decimal places.) (a) How fast was the spending on Medicare, as a percentage of the GDP, growing in 2030? %/decade How fast will it be growing in 2040? |%/decade (b) What was the predicted spending on Medicare in 2030? What will it be in 2040?
Spending on Medicare 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), will be P(t) = 0.27t2 + 1.4t + 2.2 (0 sts 5) percent in year t, where t is measured in decades, with t = 0 corresponding to 2000.t (Round your answers to two decimal places.) (a) How fast was the spending on Medicare, as a percentage of the GDP, growing in 2030? %/decade How fast will it be growing in 2040? |%/decade (b) What was the predicted spending on Medicare in 2030? What will it be in 2040?
Transcribed Image Text:Spending on Medicare 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), will be
P(t) = 0.27t2 + 1.4t + 2.2
(0 sts 5)
percent in year t, where t is measured in decades, with t = 0 corresponding to 2000.t (Round your answers to two decimal places.)
(a) How fast was the spending on Medicare, as a percentage of the GDP, growing in 2030?
%/decade
How fast will it be growing in 2040?
%/decade
(b) What was the predicted spending on Medicare in 2030?
%
What will it be in 2040?
%
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