A hospital specialising in heart surgery. In 2022 total of 2000 patients were admitted for treatment. The average payment made by a patient was Rs 1, 50,000 with a standard deviation of Rs 25000. Under the assumption that payments follow a normal distribution, answer the following questions.
(i) The number of patients who paid between Rs 1,40,000 and Rs 1,70,000.
(ii) The probability that a patient bill exceeds Rs 1,00,000.
(iii) Maximum amount paid by the lowest paying one-third of patients
To answer these questions, we can use the properties of the normal distribution, specifically the z-score formula, which allows us to standardize values and find probabilities associated with certain ranges or values.
Given:
- Mean (μ) = Rs 1,50,000
- Standard Deviation (σ) = Rs 25,000
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