Based on the current eligibility requirement, a study conducted in 2004 showed that federal spending on entitlement programs, particularly Medicare, would grow enormously in the future. The study predicted that spending on Medicare, as a percent of the gross domestic product (GDP), will be

P(t) = 0.27t2 + 1.4t + 1.2(0t5)

percent in year t, where t is measured in decades, and t = 0 corresponds to 2000. (Round your answers to two decimal places.)

(a) How fast will the spending on Medicare, as a percent of the GDP, be growing in 2020? In 2050?

2020

%/decade

2050

%/decade

(b) What will the predicted spending on Medicare be in 2020? In 2050?

2020

%

2050

%