You are applying for a job in the health care field. As part of the...

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You are applying for a job in the health care field. As part of the interview process, the hiring committee would like to explore your ability to analyze data and discuss the results of your research. The committee gives you the following assignment: The table below shows the national expenditures for health care in the United Stated for selected years. Year National Expenditures for Health Care (in billions of dollars) 1960 27.214 1963 34.595 1967 51.565 1972 92.657 1976 152.742 1983 367.809 1986 474.686 1989 644.770 1992 854.068 1995 1021.635 1999 1277.700 2001 1486.158 2004 1895.724 2010 2598.823 2011 2689.349 2012 2797.260 2013 2879.008 2014 3026.157 2015 3200.815 2016 3337.248 Souses: Unitd State Centers for Modiaare end Medianid Write a report, in paragraph form and complete sentences, answering the following questions. Remember, this is to a potential employer so it should be well written and free of grammatical errors. Using Excel (or Numbers for Mac), create a scatterplot of the data with x as the number of years since 1950 and E(x) as the total expenditures for health care (in billions of dollars). Scatterplot should have axes labeled (this catt be done neatly by hand if needed). Describe the nature of the data. Using your knowledge of non-linear functions in Chapter 2, what type or types of functions would make a good model for this data set? Why? Use Excel to find a power model for the data (don't forget the r-squared value) and display the model against the scatterplot. Use Excel to find a quadratic model (polynomial - degree 2) for the data (don't forget the r-squared value) and display the model against the scatterplot. - Use your knowledge on r-square values and the accuracy of models to explain which model is a more accurate depiction of the data. Use the more accurate model to approximate 2020 expenditures. Why is it important to a company to be able to use statistics to make predictions?

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