3 Problem 14-5 (LO14.1) 1.25 points Calculate approximately how much money an older (age 65-74) household with an annual income of $47,000 spends on health care each year. Use Exhibit 14-3. eBook Money spent on health care Print References AGE 65-74 AGE 75 & OLDER Average $ Amount Percent Average $ Amount Percent Pretax Annual Income $52,366 100 $35,467 100 Exhibit 14-3 How "Average" Older (65-74 and 75+) Households Spend Their Money Retired families spend a greater share of their income for food, housing, and medical care than nonretired families. $48.855 100 $36.673 100 Annual Expenditures Housing $15,838 32.4 $13,375 36.5 Food $ 6,284 12.0 $ 4,349 11.9 $ 1,417 2.9 $ 683 1.9 Clothing Transportation $ 8,338 17.1 $ 5,091 13.9 Health Care $ 5,456 12.2 $ 5.708 15.6 Entertainment $ 2,988 6.1 $ 1,626 4.4 Pensions and Social Security $ 2.788 5.7 $ 800 2.2 Other $ 6,074 11.6 $ 5,041 13.7 "Includes cash distribution, alcohol, tobacco, personal care products and services, reading, education, life and personal insurance, and miscellaneous expenses. Source: Ann C. Foster, "A Closer Look at Spending Patterns of Older Americans," Beyond the Numbers: Prices and Spending, vol. 5, no. 4 (U.S. Bureau of Labor Statistics, March 2016). https://www.bls.gov/opub/btn/volume5/spending- patterns-of-older-americans.htm, accessed May 4, 2017