A large pharmaceutical company uses the function f(x)=1.714x−3018 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 2011. Question content area bottom Part 1 The company will spend $enter your response here billion on research and development in 2011. (Round to three decimal places.)
To find the amount of money the pharmaceutical company will spend on research and development in 2011, we substitute x = 2011 in the given function:
f(2011) = 1.714(2011) - 3018
= 3456.454 - 3018
= 438.454
The company will spend approximately $438.454 billion on research and development in 2011.