ISU STAT 226 - Problem_Solving_Skills_Using_Z-Score (2 pages)

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Problem_Solving_Skills_Using_Z-Score



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Problem_Solving_Skills_Using_Z-Score

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Pages:
2
School:
Iowa State University
Course:
Stat 226 - Intr Busines Stat I
Intr Busines Stat I Documents
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The cost of treatment per patient for a certain medical problem is modeled by an insurance company to follow a normal distribution with mean 775 and standard deviation 150 For each of the questions in a d rst draw a sketch of a normal curve and shade the area of interest Secondly use Table A to nd the corresponding probability Show all work for full credit a What is the probability that the treatment cost of a patient is less than 811 b What is the probability that the treatment cost of a patient is more than 550 c What is the probability that the treatment cost of a patient is between 550 and 900 d How much do the 10 most expensive treatments cost at least e How much do the cheaper half of all treatments cost at most 775 f How do you know this without any calculations For the normal distribution symmetric bell shaped the mean equals the median By definition the median is the 50th percentile allowing us to derive the costs of 775


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