An online retailer has determined that the average time for credit card transactions to be electr...
An online retailer has determined that the average time for credit card transactions to be electronically approved is 1.3 seconds. (Round your answers to three decimal places.)
(a) Use an exponential density function to find the probability
that a customer waits less than a second for credit card
approval.
(b) Find the probability that a customer waits more than 3
seconds.
(c) What is the minimum approval time for the slowest 5% of
transactions?
sec
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