Question: An online retailer has determined that the average time for credit card transactions to be electronically approved is 1.6 seconds. (a) Use an exponential density

An online retailer has determined that the average time for credit card transactions to be electronically approved is 1.6 seconds.
(a) Use an exponential density function to find the probability that a customer waits less than a second for credit card approval.
(b) Find the probability that a customer waits more than 3 seconds.
(c) What is the minimum approval time for the slowest 5% of transactions?

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