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In 2020, Mark spent $ 9,500 on his health care. If this amount increased by 6 percent per year , what would be the amount
In 2020, Mark spent $9,500 on his health care. If this amount increased by 6 percent per year, what would be the amount Mark will spend in 2030? (Exhibit 1-A, Exhibit 1-B, Exhibit 1-C, Exhibit 1-D) Note: Use appropriate factor(s) from the tables provided. Round time value factor to 3 decimal places and final answer to 2 decimal places.
Exhibit 1-A Future Value (Compounded Sum) of $1 after a Given Number of Time Periods \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|c|} \hline Period & 1% & 2% & 3% & 4% & 5% & 6% & 7% & 8% & 9% & 10% & 11% \\ \hline 1 & 1.010 & 1.020 & 1.030 & 1.040 & 1.050 & 1.060 & 1.070 & 1.080 & 1.090 & 1.100 & 1.110 \\ \hline 2 & 1.020 & 1.040 & 1.061 & 1.082 & 1.103 & 1.124 & 1.145 & 1.166 & 1.188 & 1.210 & 1.232 \\ \hline 3 & 1.030 & 1.061 & 1.093 & 1.125 & 1.158 & 1.191 & 1.225 & 1.260 & 1.295 & 1.331 & 1.368 \\ \hline 4 & 1.041 & 1.082 & 1.126 & 1.170 & 1.216 & 1.262 & 1.311 & 1.360 & 1.412 & 1.464 & 1.518 \\ \hline 5 & 1.051 & 1.104 & 1.159 & 1.217 & 1.276 & 1.338 & 1.403 & 1.469 & 1.539 & 1.611 & 1.685 \\ \hline 6 & 1.062 & 1.126 & 1.194 & 1.265 & 1.340 & 1.419 & 1.501 & 1.587 & 1.677 & 1.772 & 1.870 \\ \hline 7 & 1.072 & 1.149 & 1.230 & 1.316 & 1.407 & 1.504 & 1.606 & 1.714 & 1.828 & 1.949 & 2.076 \\ \hline 8 & 1.083 & 1.172 & 1.267 & 1.369 & 1.477 & 1.594 & 1.718 & 1.851 & 1.993 & 2.144 & 2.305 \\ \hline 9 & 1.094 & 1.195 & 1.305 & 1.423 & 1.551 & 1.689 & 1.838 & 1.999 & 2.172 & 2.358 & 2.558 \\ \hline 10 & 1.105 & 1.219 & 1.344 & 1.480 & 1.629 & 1.791 & 1.967 & 2.159 & 2.367 & 2.594 & 2.839 \\ \hline 11 & 1.116 & 1.243 & 1.384 & 1.539 & 1.710 & 1.898 & 2.105 & 2.332 & 2.580 & 2.853 & 3.152 \\ \hline 12 & 1.127 & 1.268 & 1.426 & 1.601 & 1.796 & 2.012 & 2.252 & 2.518 & 2.813 & 3.138 & 3.498 \\ \hline 13 & 1.138 & 1.294 & 1.469 & 1.665 & 1.886 & 2.133 & 2.410 & 2.720 & 3.066 & 3.452 & 3.883 \\ \hline 14 & 1.149 & 1.319 & 1.513 & 1.732 & 1.980 & 2.261 & 2.579 & 2.937 & 3.342 & 3.797 & 4.310 \\ \hline 15 & 1.161 & 1.346 & 1.558 & 1.801 & 2.079 & 2.397 & 2.759 & 3.172 & 3.642 & 4.177 & 4.785 \\ \hline 16 & 1.173 & 1.373 & 1.605 & 1.873 & 2.183 & 2.540 & 2.952 & 3.426 & 3.970 & 4.595 & 5.311 \\ \hline 17 & 1.184 & 1.400 & 1.653 & 1.948 & 2.292 & 2.693 & 3.159 & 3.700 & 4.328 & 5.054 & 5.895 \\ \hline 18 & 1.196 & 1.428 & 1.702 & 2.026 & 2.407 & 2.854 & 3.380 & 3.996 & 4.717 & 5.560 & 6.544 \\ \hline 19 & 1.208 & 1.457 & 1.754 & 2.107 & 2.527 & 3.026 & 3.617 & 4.316 & 5.142 & 6.116 & 7.263 \\ \hline 20 & 1.220 & 1.486 & 1.806 & 2.191 & 2.653 & 3.207 & 3.870 & 4.661 & 5.604 & 6.727 & 8.062 \\ \hline 25 & 1.282 & 1.641 & 2.094 & 2.666 & 3.386 & 4.292 & 5.427 & 6.848 & 8.623 & 10.835 & 13.585 \\ \hline 30 & 1.348 & 1.811 & 2.427 & 3.243 & 4.322 & 5.743 & 7.612 & 10.063 & 13.268 & 17.449 & 22.892 \\ \hline 40 & 1.489 & 2.208 & 3.262 & 4.801 & 7.040 & 10.286 & 14.974 & 21.725 & 31.409 & 45.259 & 65.001 \\ \hline 50 & 1.645 & 2.692 & 4.384 & 7.107 & 11.467 & 18.420 & 29.457 & 46.902 & 74.358 & 117.391 & 184.565 \\ \hline \end{tabular}Step by Step Solution
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