A California water company has determined that the average customer billing is $1,250 per year and the
Question:
A California water company has determined that the average customer billing is $1,250 per year and the amounts billed have an exponential distribution.
a. Calculate the probability that a randomly chosen customer would spend more than $5,000.
b. Compute the probability that a randomly chosen customer would spend more than the average amount spent by all customers of this company.
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Related Book For 
Business Statistics A Decision Making Approach
ISBN: 9780134496498
10th Edition
Authors: David F. Groebner, Patrick W. Shannon, Phillip C. Fry
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