5.29 Medical Bills II Consider the medical payment problem in Exercise 5.28 in a more realistic setting.
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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.)
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Related Book For
Introduction To Probability And Statistics
ISBN: 9780176509804
3rd Edition
Authors: William Mendenhall
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