An online retailer has determined that the average time for credit card transactions to be electronically approved
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 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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a For 0 x 3 we have fx k3x x which is nonnegative if and only ...View the full answer
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