Customers arrive at a local ATM at an average rate of 15 per hour. Assume the time

Question:

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.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Business Statistics

ISBN: 9780321925121

2nd Edition

Authors: Robert A. Donnelly

See More Books

Question Posted: Jul 17, 2015 03:13 AM

See More Questions

Customers arrive at a bakery at an average rate of f 6 per half-hour. For simplicity, suppose each customer spends $2.50 on their purchase. a. What is the probability that exactly 3 customers will...
Customers arrive at a local ice cream stand at an average rate of 16 per hour and follow a Poisson distribution. a. What is the probability that two customers will arrive during the next 15 minutes?...
Customers arrive at a grocery store checkout at a rate of six per 30 minutes during the hours of 5 p. m. and 7 p. m. during the workweek. Let C be the number of customers arriving at the checkout...
Write a method remove() that takes a linked-list Node and a string key as its arguments and removes every node in the list whose item field is equal to key.
What is customer relationship management (CRM) and why do companies create strategies in this area?
Assuring that the consent agreement procedure follows guidelines for social work within an organization for the use of social media and technology Explain how HIPAA and HITECH would be used in an...
Clarify the difference between risk and regret.
The chart of accounts of Avery?s Delivery Service is as follows: Avery?s Delivery Service completed the following transactions during the month of October: 1. Audrey Avery invested $33,000 in the...
5. A diesel-driven centrifugal fire pump is rated at 1200 gpm at 100 psi with a churn pressure of 145 psig. Static city pressure varies between 60 and 70 psig. Determine if a relief valve is...
1. How comparable are the two different methods? In what ways are they similar? In what ways are they different? 2. What are the positive and negative aspects of each approach that Shocker should...
Assume the average time between students walking up to my desk during a statistics exam to ask a question in a desperate attempt to gain some insight into how to solve a problem is 8 minutes and...
During lunch hour, customers arrive at a fast food drive through window, on average, every 2.5 minutes. Assume arrival time follows the exponential probability distribution. a. What is the...
Firm W has the opportunity to invest $150,000 in a new venture. The projected cash flows from the venture are as follows. Determine if Firm W should make the investment, assuming that: a. It uses a 6...
Brandy has $150,000 left to pay on her current mortgage and is going to refinance to a lower interest rate and shorter term. The new APR is 3.75% and she is switching to a 15-year term. What is her...
How is TJX inc. currently doing? like performance, financially, etc? Explain.
The Fed has been increasing interest rates. Is this an example of systematic or nonsystematic risk? Why?
OnlineEduc has an EPS of 5, with 12 million shares outstanding. The shares are trading at 13 each. It is thinking of acquiring ClassRoom that has an EPS of 1, with 10 million shares outstanding which...
The correlation of GME and the market is -0.4. The volatility of the market is 30% and the volatility of GME is 86%. What is the beta of GME?
Find the real solutions of each equation. 3x - 5 - x + 7 = 2
Find the market equilibrium point for the following demand and supply functions. Demand: 2p = - q + 56 Supply: 3p - q = 34
The comptroller of a company is interested in determining whether the average length of long-distance calls by managers varies according to type of telephone. A randomized block design experiment is...
Describe the following factorial design. How many independent and dependent variables are there? How many levels are there for each treatment? If the data were known, could interaction be determined...
Describe the following factorial design. How many independent and dependent variables are there? How many levels are there for each treatment? If the data were known, could interaction be determined...
What is one way in which a leader can apply the "Status" part of the SCARF model to trigger the "Reward" response?
Complete the table to assess risks and develop contingencies for resources you are planning for. Potential risks Planned Response Risk associated with the acquisition or implementation of the...
Assignment: persuasive essay for or against Andrew Jackson. In you essay answer the question "Was he a "people's president" or was he more like a king?" Documentary:...

Customers arrive at a local ATM at an average rate of 15 per hour. Assume the time

Question:

Step by Step Answer:

b 1 EXPONDIST3 025 TRUE 05276 b 2 10 EXPONDIST7 025 TRUE 10 0826...View the full answer

Business Statistics

Students also viewed these Statistics questions