5.4.36-T Question Help * A consumer response team hears directly from consumers

Question

5.4.36-T Question Help * A consumer response team hears directly from consumers about the challenges they face in the marketplace, brings their concerns to the attention of financial institutions, and assists in addressing their complaints. The consumer response team accepts complaints related to mortgages, bank accounts and services, private student loans, other consumer loans, and credit reporting. An analysis of complaints over time indicates that the mean number of credit reporting complaints registered by consumers is 3.75 per day. Assume that the number of credit reporting complaints registered by consumers is distributed as a Po sson a m arab e Complete parts a hrough d sow. The probability that exactly one complaint will be registered is 0.0882 (Round to four decimal places as needed.) c. What is the probability that on a given day, more than one credit reporting complaint will be registered by consumers? The probability that more than one complaint will be registered is (Round to four decimal places as needed.)

Explanation / Answer

Ans:

Poisson random variable:

Mean=3.75 per day

b)P(exactly one)=P(x=1)=e-3.75*(3.751/1!)=0.0882

c)P(more than 1)=P(x>1)

=1-P(x<=1)

=1-P(x=0)-P(x=1)

=1-e-3.75-0.0882

=1-0.0235-0.0882

=0.8883

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