*Please answer FULL question. Please make sure the answers are clear and readabl
ID: 3209339 • Letter: #
Question
*Please answer FULL question. Please make sure the answers are clear and readable. Thank you!**
The table shows the national expenditures for health care in the United States for selected years, with projections to 2020.
Year National Expenditures
for Health Care (billions)
1960 $28
1970 75
1980 254
1990 714
1995 1017
2000 1353
2005 1981
2010 2954
2015 3308
2020 4487
A) Find a power model and a quadratic model for the data. (Round all numerical values to four decimal places.)
power model y(x) =
quadratic model y(x) =
B) Use the quadratic model to predict the 2035 expenditures for national health care. (Round your answer to the nearest billion dollars.)
=billion dollars
Explanation / Answer
Given,
Using Regression analysis in excel, we get the below output
Hence the Quadratic equation/model is given as
Y(x)=1968.71+0.025684448x-0.000003338856x^2
Expenditure in billions Year X X^2 1960 28 784 1970 75 5625 1980 254 64516 1990 714 509796 1995 1017 1034289 2000 1353 1830609 2005 1981 3924361 2010 2954 8726116 2015 3308 10942864 2020 4487 20133169