If the number of minutes it takes a service station attendant to balance a tire is a random variable having an exponential distribution with the parameter 5, what are the probabilities that the attendant will take (a) Less than 8 minutes to balance two tires (b) At least 12 minutes to balance three...

If the number of minutes it takes a service station attendant to balance a tire is a

Question:

If the number of minutes it takes a service station attendant to balance a tire is a random variable having an exponential with the parameter λ = 5, what are the probabilities that the attendant will take
(a) Less than 8 minutes to balance two tires;
(b) At least 12 minutes to balance three tires?
Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...