Question: The average time between major claims at Secure Future Insurance

The average time between major claims at Secure Future Insurance is 2.2 weeks. If the time between claims has an exponential distribution,
a. What is the average number of claims per day?
b. What is the standard deviation (in days) of the exponential distribution here?
c. How likely is it that the time until the next major claim is fled is more than 20 days?

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  • CreatedJuly 16, 2015
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