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A catalog company that receives the majority of its orders by telephone conducted a study to determine how long customers were willing to wait on hold before ordering a product. The length of time was found to be a random variable best approximated by an exponential distribution with a mean equal to 3 minutes. Find the waiting time at which only 10% of the customers will continue to hold.

2.3 minutes

3.3 minutes

6.9 minutes

13.8 minutes

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Statistics and Probability, Statistics

Category:- Statistics and Probability
Reference No.:- M9991525

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