Answer:
I guess that you want to calculate the difference between the annual healt care costs in 1950 and today.
The equation is:
C(x) = $620*(1.082)^x
in 1950, we have x = 0 (because is the initial year)
then the cost is:
C(0) = $620*1 = $620.
Now, today, in 2020, we have:
x = 2020 - 1950 = 70
then we have:
C(70) = $620*(1.082)^70 = $154,276.7
So, according to this equation, te difference is:
$154,276.7 - $620 = $153,656.6
