A small business performs a service and then bills its customers. From past experience, 90% of the
Question:
a. What is the probability that a randomly selected customer will not pay within a week?
b. The business has billed two customers this week. What is the probability that neither of them will pay within a week? What assumption did you make to compute that probability? Is it a reasonable assumption?
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a By Rule 1 it must be 1 09 01 This is equivalent to saying that 10 will not pay within ...View the full answer
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