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(Solved): Customers Make Purchases At A Convenience Store, On Average, Every Four Minutes. It Is Fair To Assum...
Customers make purchases at a convenience store, on average, every four minutes. It is fair to assume that the time between customer purchases is exponentially distributed. Jack operates the cash register at this store. 0-1. What is the rate parameter 1? (Round your answer to 4 decimal places.) Rate parameter 1 a-2. What is the standard deviation of this distribution? (Round your answer to 1 decimal place.) Standard deviation b. Jack wants to take a two-minute break. He believes that if he goes right after he has serviced a customer, he will lower the probability of someone showing up during his two-minute break. Is he right in this belief? Yes No c. What is the probability that a customer will show up in less than two minutes? (Round Intermediate calculations to at least 4 decimal places and final answer to 4 decimal places.) Probability d. What is the probability that nobody shows up for over twenty-five minutes? (Round Intermediate calculations to at least 4 decimal places and final answer to 4 decimal places.) Probability
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