According to the website www.zanebenefits.com, the average cost of a stay in a U.S. hospital in 2013

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According to the website www.zanebenefits.com, the average cost of a stay in a U.S. hospital in 2013 for a Medicare patient was $11,600. Assume that this cost is exponentially distributed.

a. Determine the probability that a randomly selected patient’s stay in an American hospital will cost more than $14,000.
b. Calculate the probability that a randomly selected patient’s stay in an American hospital will cost less than $9,000.

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Business Statistics A Decision Making Approach

ISBN: 9780134496498

10th Edition

Authors: David F. Groebner, Patrick W. Shannon, Phillip C. Fry

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