Let "X=" the cost for this type of hospital emergency room visit. Given that
Then
a. What is the probability that the cost will be more than $500?
"=1-P(Z<{500- 328\\over 92})\\approx1-0.9692=0.0308"
b. What is the probability that the cost will be less than $250?
c. What is the probability that the cost will be between $300 and $400?
"\\approx0.783072-0.380431=0.402641"
d. If the cost to a patient is in the lower 8% of charges for this medical service, what was the cost of this patient’s emergency room visit?
"P(Z\\leq z)=0.08=>z\\approx-1.405071"
"{X- 328\\over 92}=-1.405071"
"X\\approx\\$ 198.73"
Comments
Leave a comment