Question

A financial consultant has an average of 8 customer consultations each day. The consultant’s overhead requires 3 customers arrive in order that fees cover expenses. Use a Poisson distribution to answer the following questions.

1. For a typical day, what is the probability that the consultant will fail to cover her expenses?

2. Assume that the financial consultant employs interns to serve all her customers. Also assume that an intern can only serve two customers a day. How many interns should the financial consultant staff per day if they serve all her customers, and she wants to keep the probability of turning a customer away to less than 10%, Pr.(X<=x) is approximately 90%?

Answer 1