A large pharmaceutical company uses the function f(x)=1.606x-2941 to model the amount of money, in billions of dollars, it spends each year on research and development, where x corresponds to the year. Use the function to predict the amount of money it will spend in 2029.
The company will spend $ __ billion on research and development in 2029. (Round to three decimal places.)
To predict the amount of money the company will spend in 2029, we need to substitute x = 2029 into the given function f(x) = 1.606x - 2941.
f(2029) = 1.606(2029) - 2941
= 3256.974 - 2941
= 315.974
Therefore, the company will spend $315.974 billion on research and development in 2029.