The total expenditures on benefits (in billions of dollars) can be approximated by the function h(x) = 23.1(1.08)^x, where x = 5 corresponds to the year 1995. (a) What was the amount for total expenditures in 2012? (b) What was the first full year in which expenditures exceeded $107 billion? (a) The amount for total expenditures in 2012 was about $ billion. (Round to the nearest tenth as needed.)
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1(1.08)^x: \[ h(22) = 23.1(1.08)^{22} \] \[ h(22) = 23.1(4.63) \] \[ h(22) = 106.953 \] Rounded to the nearest tenth, the total expenditures in 2012 was approximately $\textbf{107.0}$ billion dollars. Show more…
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