plz help me with this question, DON\'T give me an example for this one, solve it
ID: 2631244 • Letter: P
Question
plz help me with this question, DON'T give me an example for this one, solve it directly
Many retail stores offer their own credit cards. At the time of the credit application, the customer is given a 10% discount on the purchase. The time required for the credit application process follows a uniform distribution with the times ranging from 4 minutes to 10 minutes.
(a) What is the mean time for the application process?
(b) What is the standard deviation of the process time?
(c) What is the likelihood a particular application will take less than 6 minutes?
(d) What is the likelihood an application will take more than 5 minutes?
Explanation / Answer
a
the mean time of any uniform distribution is the midpoint between the points a and b, here its (10+4)/2 = 7
b
the variance of a uniform dist is (b-a)^2 / 12 and the s.d is the square root of the variance therfore (b-a)/sqrt(12)
c
this would be the area under the graph before 6. in other words, the area of the rectangle whose base is from 4 to 6 and height is 1/6
d
this is the area under the graph after 5, area of a rectangle whose base is between 5 and 10, and height is 1/6
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