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In 2005, Joelle spent $5,100 on her health care. If this amount increased by 3% per year, what would be the amount Joelle spent in
In 2005, Joelle spent $5,100 on her health care. If this amount increased by 3% per year, what would be the amount Joelle spent in 2015 for the same health care? (Round time value factor to 3 decimal places and final answer to the nearest whole dollar.)
Exhibit 1-A Future Value (Compounded Sum) of $1 after a Given Number of Time Periods Period 1% 2% 3% 4% 5% 6% 8% 11% 1.010 1.020 1.030 1.040 1.050 1.060 1.07O .080 1.090 1.100 2 1.020 1040 01 102 1.103 1.124 1.145 1.166 1.18 1210 1.331 1.110 1.030 1.061 1.093 1.125.8 1.191 1.041 1082 1.126 1.170 1.216 1.262 1.3116 1412 14641.518 1.051 1.104 1.159 1217 1.276 1.062 1.126 1.194 1265 1.340 1.419 1.501 1.587 1.677 1.072 1.149 1.230 1.316 1.0831.172 1.267 1.369 1.477 1.594 1.718 1851 1.993 2.144 2.306 1.094 1.195 1.3051423 1.551 1.105 1219 1.344 1480 1.629 1.791 1.967 2.159 2.3672.5942.839 1.116 243 1.384 1539 1.127 1.268 1.426 1.01 1.6 2.012 2252 2.518 2.8133138 3.498 1.138 1.294 1.469 1.665 1.888 2133 2.410 2.720 3.066 1.149 1.319 1.513 1.732 1.80 2261 2.579 2.937 3.342 3797 4310 1.1611.346 1.558 1.801 1.260 1.295 1.368 1.338 1.403 1.469 1.539 1.611 1.870 1.407 1.504 1.608 1.828 1,940 2.076 689 1.838 1.999 2.172 2.558 1.098 2106 2.332 2.580 2.853 3 152 3.883 2.079 2.397 2.759 3.172 3.642 4.785 1.373 1.605 1.873 2.183 2540 2.923.426 3.070 4.5055.311 5,896 17 1.184 1.400 1.653 1.9482.292 2.693 3150 3.700 4.328 1.196 1.428 1.702 2.026 2407 254 3.30 3906 4.717 5.50 544 1.208 1.457 1.7542.107 2527 3026 3.617 4.316 5.142 1.220 1.486 1.806 2.191 2653 3207 3.870 4.661 5.604 6.7278.02 1282 1.041 2.0942.666 1348 1.811 2.427 3.243 4322 5743 7.612 10.063 1.268 17449 22.882 1489 2.208 3262 4.801 1,645 2.692 43 7.107 11467 18.420 29457 46.902 74.368 117.300 184570 6.116 7.263 3.366 4292 5.427 6848 8.623 10.835 13585 30 7.040 10.286 14.974 21.725 31.409 50Step by Step Solution
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