Final answer:
The IV bag should be placed approximately 0.255 meters above the entry point.
Step-by-step explanation:
The height at which the IV bag should be placed above the entry point can be calculated using the concept of hydrostatic pressure. The hydrostatic pressure is given by the formula P = ρgh, where P is the pressure, ρ is the density of the fluid, g is the acceleration due to gravity, and h is the height. In this case, we need to find the height h.
We can rearrange the formula to solve for h: h = P/(ρg). Now we can plug in the values given. The blood pressure in the vein is

above atmospheric pressure, which is the value of P. The density of the fluid being administered is

which is the value of ρ. And the acceleration due to gravity is approximately
,
which is the value of g. Plugging in these values, we get

= 0.255 m.