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Find probability that patient stay in an american hospital

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Reference no: EM131652132

Question: Dennis Cauchon and Julie Appleby reported in USA Today that the average patient cost per stay in American hospitals was $8,166. 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 $10,000.

b. Calculate the probability that a randomly selected patient's stay in an American hospital will cost less than $5,000.

c. Compute the probability that a randomly selected patient's stay in an American hospital will cost between $8,000 and $12,000.

Reference no: EM131652132

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