Answer:
Approximately $8,122.76.
Explanation:
To calculate the amount Joelle spent in 2017 for the same health care, we need to apply the 3 percent annual increase to the initial amount of $6,200. Here's how you can calculate it:
Calculate the annual increase:
Annual increase = Initial amount * Annual growth rate
Annual increase = $6,200 * 0.03
Calculate the new amount for each year:
Year 2007: $6,200
Year 2008: $6,200 + Annual increase
Year 2009: Year 2008 amount + Annual increase
...
Year 2017: Year 2016 amount + Annual increase
To calculate the amount Joelle spent in 2017, we need to iterate through the years, adding the annual increase to the previous year's amount. Here's a step-by-step calculation:
Year 2007: $6,200
Year 2008: $6,200 + ($6,200 * 0.03) = $6,200 + $186 = $6,386
Year 2009: $6,386 + ($6,386 * 0.03) = $6,386 + $191.58 = $6,577.58
...
Year 2016: $7,886.18
Year 2017: $7,886.18 + ($7,886.18 * 0.03) = $7,886.18 + $236.58 = $8,122.76
Therefore, the amount Joelle spent in 2017 for the same health care would be approximately $8,122.76.