According to USA Today, spending on medical equipment is rising rapidly because of the aging of the baby boomer population and the improving quality of health care in countries like India and China. In 2001, U.S. medical device revenue was $47.5 billion and was projected to be $80.2 billion in 2006.
a. What annual percentage increase in revenue does this represent?
b. Use a natural growth model to predict the U.S. medical device revenue in 2010.
c. In what year does your model predict U.S. medical device revenue of $100 billion?
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