Customers arrive at a local ATM at an average rate
Customers arrive at a local ATM at an average rate of 15 per hour. Assume the time between arrivals follows the exponential probability distribution.
a. What is the probability that the next customer will arrive
1. within the next 3 minutes?
2. in more than 7 minutes?
3. between 4 and 8 minutes?
b. Confirm the answers to part a using Excel.
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