As of 2015, per capita spending on health care in the United States was about $9000....
As of 2015, per capita spending on health care in the United States was about $9000. If this amount increased by 8 percent a year, what would be the amount per capita spending for health care in 14 years? Use the appropriate Time Value of Money table [Exhibit 1-A, Exhibit 1-B, Exhibit 1-C, OR Exhibit 1-D]
(Round your answer to the nearest whole number. Your Answer:
Homework Answers
Information provided:
Present value= $9,000
Time= 14 years
Interest rate= 8%
The question is solved by computing the future value.
Enter the below in a financial calculator to compute the future value:
PV= -9,000
N= 14
I/Y= 8
Press the CPT key and FV to compute the future.
The value obtained is 26,434.74.
Therefore, the amount per capita spending for the healthcare in
14 years is $26,434.74
$26,435.
In case of any query, kindly comment on the solution.
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