A bank wishing to increase its customer base advertises that it has the fastest
ID: 3081541 • Letter: A
Question
A bank wishing to increase its customer base advertises that it has the fastest service and that virtually all of its customers are served in less than 9 minutes. A management scientist has studied the service times and concluded that service times are exponentially distributed with a mean of 4.5 minutes. Determine what the bank means when it claims 'virtually all' its customers are served in under 9 minutes.
Proportion of customers served in under 9 minutes =
A bank wishing to increase its customer base advertises that it has the fastest service and that virtually all of its customers are served in less than 9 minutes. A management scientist has studied the service times and concluded that service times are exponentially distributed with a mean of 4.5 minutes. Determine what the bank means when it claims 'virtually all' its customers are served in under 9 minutes.
Proportion of customers served in under 9 minutes =
Explanation / Answer
1. 1-exp(-6/6.5) 2. 1-exp(-9/4) 3A. exp(-0.45*1) 3B. exp(-0.45*0.27) 3C. 1-exp(-0.45*0.45) 3D. exp(-0.45*0.3)-exp(-0.45*2.37)
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