Health informatics is making use of monitoring devices, microelectronic mechanical systems, and wireless integrated microsystems (WIMS). Monitoring of patients, alerting health professionals when a patient needs attention, and even automatically releasing drugs as needed, are becoming possible through engineering. If the cost savings in a local healthcare center is estimated to be $20,000,000 during the 7th year from now, what investment today would be justified for just that one year's savings if the time value of money is 12% per year?
Health informatics is making use of monitoring devices, microelectronic mechanical systems, and wireless integrated microsystems (WIMS). Monitoring of patients, alerting health professionals when a patient needs attention, and even automatically releasing drugs as needed, are becoming possible through engineering. If the cost savings in a local healthcare center is estimated to be $20,000,000 during the 7th year from now, what investment today would be justified for just that one year's savings if the time value of money is 12% per year?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Health informatics is making use of monitoring devices, microelectronic mechanical systems, and wireless integrated microsystems
(WIMS). Monitoring of patients, alerting health professionals when a patient needs attention, and even automatically releasing drugs
as needed, are becoming possible through engineering. If the cost savings in a local healthcare center is estimated to be $20,000,000 during the 7th year from now, what investment today would be justified for just that one year's savings if the time value of money is 12% per year?
![Current Attempt in Progress
X Your answer is incorrect.
Health informatics is making use of monitoring devices, microelectronic mechanical systems, and wireless integrated microsystems
(WIMS). Monitoring of patients, alerting health professionals when a patient needs attention, and even automatically releasing drugs
as needed, are becoming possible through engineering. If the cost savings in a local healthcare center is estimated to be $20,000,000
during the 7th year from now, what investment today would be justified for just that one year's savings if the time value of money is
12% per year?
Click here to access the TVM Factor Table Calculator.
$
W
Carry all interim calculations to 5 decimal places and then round your final answer to 3 decimal places. Please enter your answer in
millions of dollars. The tolerance is ±0.003.
e Textbook and Media
eTextbook
Hint
9046984 million
GO Tutorial
Save for Later
Assistance Used
Assistance Used
Assistance Used
Attempts: 2 of 3 used
Submit Answer](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F28d9b483-de07-43e8-9711-dcf00568269c%2F09095e06-50bf-4418-a272-c04f4618c384%2Fdpdck5y_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Current Attempt in Progress
X Your answer is incorrect.
Health informatics is making use of monitoring devices, microelectronic mechanical systems, and wireless integrated microsystems
(WIMS). Monitoring of patients, alerting health professionals when a patient needs attention, and even automatically releasing drugs
as needed, are becoming possible through engineering. If the cost savings in a local healthcare center is estimated to be $20,000,000
during the 7th year from now, what investment today would be justified for just that one year's savings if the time value of money is
12% per year?
Click here to access the TVM Factor Table Calculator.
$
W
Carry all interim calculations to 5 decimal places and then round your final answer to 3 decimal places. Please enter your answer in
millions of dollars. The tolerance is ±0.003.
e Textbook and Media
eTextbook
Hint
9046984 million
GO Tutorial
Save for Later
Assistance Used
Assistance Used
Assistance Used
Attempts: 2 of 3 used
Submit Answer
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 2 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
![ENGR.ECONOMIC ANALYSIS](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9780190931919/9780190931919_smallCoverImage.gif)
![Principles of Economics (12th Edition)](https://www.bartleby.com/isbn_cover_images/9780134078779/9780134078779_smallCoverImage.gif)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
![Engineering Economy (17th Edition)](https://www.bartleby.com/isbn_cover_images/9780134870069/9780134870069_smallCoverImage.gif)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
![ENGR.ECONOMIC ANALYSIS](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9780190931919/9780190931919_smallCoverImage.gif)
![Principles of Economics (12th Edition)](https://www.bartleby.com/isbn_cover_images/9780134078779/9780134078779_smallCoverImage.gif)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
![Engineering Economy (17th Edition)](https://www.bartleby.com/isbn_cover_images/9780134870069/9780134870069_smallCoverImage.gif)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
![Principles of Economics (MindTap Course List)](https://www.bartleby.com/isbn_cover_images/9781305585126/9781305585126_smallCoverImage.gif)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
![Managerial Economics: A Problem Solving Approach](https://www.bartleby.com/isbn_cover_images/9781337106665/9781337106665_smallCoverImage.gif)
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
![Managerial Economics & Business Strategy (Mcgraw-…](https://www.bartleby.com/isbn_cover_images/9781259290619/9781259290619_smallCoverImage.gif)
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education