5.29 Medical Bills II Consider the medical payment problem in Exercise 5.28 in a more realistic setting.

Question:

5.29 Medical Bills II Consider the medical payment problem in Exercise 5.28 in a more realistic setting. Of all patients admitted to the clinic, 30% fail to pay their bills and the debts are eventually forgiven. If the clinic treats 2000 different patients over a period of 1 year, what is the mean (expected) number of debts that have to be forgiven? If X is the number of forgiven debts in the group of 2000 patients, find the variance and standard deviation of X. What can you say about the probability that X will exceed 700? (HINT: Use the values of and , along with Tchebysheff's Theorem, to answer this question.)

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question
Question Posted: