The passage of the Social Security Amendments of 1965 resulted in the creation of the Medicare and
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The passage of the Social Security Amendments of 1965 resulted in the creation of the Medicare and Medicaid programs. Since then, the percent of persons 65 years and over with family income below the poverty level has declined. The percent can be approximated by the following function:
P(t) = 30.60 - 5.79 ln t,
where t is the number of years since 1965. Find the percent of persons 65 years and over with family income below the poverty level and the rate of change in the following years. Interpret your results.
(a) 1970
(b) 1995
(c) 2020
(d) What happens to the rate of change over time?
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