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 $3850. P(X < 3850) %3D Part 2 of 2 Find the probability that the mean benefit for a random sample of 23 patients is more than $4130. P(X> 4130) :
Inverse Normal Distribution
The method used for finding the corresponding z-critical value in a normal distribution using the known probability is said to be an inverse normal distribution. The inverse normal distribution is a continuous probability distribution with a family of two parameters.
Mean, Median, Mode
It is a descriptive summary of a data set. It can be defined by using some of the measures. The central tendencies do not provide information regarding individual data from the dataset. However, they give a summary of the data set. The central tendency or measure of central tendency is a central or typical value for a probability distribution.
Z-Scores
A z-score is a unit of measurement used in statistics to describe the position of a raw score in terms of its distance from the mean, measured with reference to standard deviation from the mean. Z-scores are useful in statistics because they allow comparison between two scores that belong to different normal distributions.
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