Answered: Medicare Hospital Insurance The average…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Question

Medicare Hospital Insurance The average yearly Medicare Hospital Insurance benefit per person was $4064 in a recent year Suppose the benefits are normally distributed with a standard deviation of $460. Round the final answers to at least four decimal places and intermediate value calculations to two decimal places. Part 1 of 2 . Find the probability that the mean benefit for a random sample of 23 patients is less than $3810. P( overline X 4230)=

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

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