Question: This is a probability question from Math 370 The number of hospital stays required for a patient with a certain condition follows a Poisson distribution

This is a probability question from Math 370

The number of hospital stays required for a patient with a certain condition follows a Poisson distribution with a mean of 2.8 stays per year. One such patient takes out an insurance policy to help her pay for potential hospital bills. The policy does not pay anything for the first two hospital stays in a given year, but pays 550 for each stay beyond the second. Find the expected amount paid by this insurance policy

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Mathematics Questions!

This is a probability problem from Math 370 The number of hospital stays required for a patient with a certain condition follows a Poisson distribution with a mean of 1.9 stays per year. One such...

This is a probability question from Math 370 The number earthquakes in a certain region follows a Poisson distribution with a mean of 7 earthquakes per year. The probability that a given earthquake...

A might not be right answer. This is a probability question from Math 370 line The number of hospital stays required for a patient with a certain condition follows a Poisson distribution with a mean...

U.S. Copyright Law (title 17 of U.S. code) governs the reproduction and redistribution of copyrighted material. Downloading this document for the purpose of redistribution is prohibited. Chapter 15...

Probability and Statistics - Problem Set c Keith M. Chugg October 2, 2015 1 Preliminaries, Combinatorics, Set Probability 1.1. A number of bats are in a cave. 2 bats can see out of their left eye. 3...

) A clinical scientist says that under 78% of grown-ups in a specific nation believe that solid youngsters ought to be needed to be immunized. In an irregular example of 600 grown-ups in that...

1. A player throws a fair die and simultaneously flips a fair coin. If the coin lands heads, then she wins twice, and if tails, then one-half of the value that appears on the die. Determine her...

Study Guide Healthcare Statistics By Jacqueline K. Wilson, RHIA About the Author Jacqueline K. Wilson is a Registered Health Information Administrator (RHIA) who has more than ten years of experience...

BA 1605: Midterm Recap (Due: Feb. 27, 2015) Name _____________________________ 50 Student ID _____________________________ Section 01B 10:00~11:20 am Section 02B 01:00~02:20 pm [Questions 4 ~ 7] The...

Math 533. Question 1: A national standard requires that public bridge over 200 feet in length must be inspected and rated every 2 years. The rating scale ranges from 0 (poorest rating to 0 (highest...

What is Kruskal's algorithm and what is the main purpose of using Kruskal algorithm and which algorithm approach is used in Kruskal's algorithm. For the graph given below: i) Apply Kruskal algorithm...

QI Smartphone credit card (SCC) is an emerging payment method using NFC-enabled smartphones. The proximity payment allows consumers to pay their products and services by waving their smartphones with...

Why might a public-sector worker earn less than a worker in the private sector?

An investor has two bonds in his portfolio that have a face value of $1,000 and pay an 11% annual coupon. Bond L matures in 19 years, while Bond S matures in 1 year. a. What will the value of the...

B In an effort to quell the uprisings in Egypt in 2011, the Egyptian government blocked citizens access to the Internet, yet protests continued. What does this say about the pervasive nature of...

A What role did group communication play in this scenario? Might cliques have been involved? What were other communication options?

B Is it unethical to attempt to gain Merediths vote even if you honestly believe that its in the best interest of the group?