Although Social Security is a problem, some projections indicate that there's a much bigger time bomb ticking in the federal budget, and that's Medicare. In 2000, the cost of Social Security was 5.48% of the gross domestic product, increasing by 0.04% of the GDP per year. In 2000, the cost of Medicare was 1.84% of the gross domestic product, increasing by 0.17% of the GDP per year. (Source: Congressional Budget Office) a. Write a function that models the cost of Social Security as a percentage of the GDP x years after 2000. b. Write a function that models the cost of Medicare as a percentage of the GDP x years after 2000. c. In which year will the cost of Medicare and Social Security be the same? For that year, what will be the cost of each program as a percentage of the GDP? Which program will have the greater cost after that year?
Although Social Security is a problem, some projections indicate that there's a much bigger time bomb ticking in the federal budget, and that's Medicare. In 2000, the cost of Social Security was 5.48% of the gross domestic product, increasing by 0.04% of the GDP per year. In 2000, the cost of Medicare was 1.84% of the gross domestic product, increasing by 0.17% of the GDP per year. (Source: Congressional Budget Office) a. Write a function that models the cost of Social Security as a percentage of the GDP x years after 2000. b. Write a function that models the cost of Medicare as a percentage of the GDP x years after 2000. c. In which year will the cost of Medicare and Social Security be the same? For that year, what will be the cost of each program as a percentage of the GDP? Which program will have the greater cost after that year?
Chapter12: Sequences, Series And Binomial Theorem
Section12.3: Geometric Sequences And Series
Problem 12.57TI: What is the total effect on the economy of a government tax rebate of $1,000 to each household in...
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Transcribed Image Text:Although Social Security is a problem, some projections
indicate that there's a much bigger time bomb ticking
in the federal budget, and that's Medicare. In 2000, the
cost of Social Security was 5.48% of the gross domestic
product, increasing by 0.04% of the GDP per year. In
2000, the cost of Medicare was 1.84% of the gross domestic
product, increasing by 0.17% of the GDP per year.
(Source: Congressional Budget Office)
a. Write a function that models the cost of Social
Security as a percentage of the GDP x years after 2000.
b. Write a function that models the cost of Medicare
as a percentage of the GDP x years after 2000.
c. In which year will the cost of Medicare and Social Security
be the same? For that year, what will be the cost of each
program as a percentage of the GDP? Which program will
have the greater cost after that year?
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