Ask Question, Ask an Expert

+61-413 786 465

info@mywordsolution.com

Ask Statistics and Probability Expert

Billy's Bank is the only bank in a small town in Arkansas. On a typical Friday an average of 10 customers per hour arrive at the bank to transact business.

There is one single teller at the bank, and the average time required to transact business is 4 minutes. It is assumed that service times can be described by the exponential distribution. Although this is the only bank in town, some people in the town have begun using the bank in a neighboring town about 20 miles away. A single line would be used, and the customer at the front of the line would go to the first available bank teller. If a single teller at Billy's is used, find

(a) The average time in the line.
(b) The average number in the line.
(c) The average time in the system.
(d) The average number in the system.
(e) The probability that the bank is empty.

Statistics and Probability, Statistics

  • Category:- Statistics and Probability
  • Reference No.:- M9958119
  • Price:- $20

Priced at Now at $20, Verified Solution

Have any Question?


Related Questions in Statistics and Probability

Given the probability distribution functionx 0 1

Given the probability distribution function: x 0 1 2 Probability 0.25 0.50 0.25 a. Graph the probability distribution function. b. Calculate and graph the cumulative probability distribution. c. Find the mean of the rand ...

In a club with 9 male and 10 female members a 4-member

In a club with 9 male and 10 female? members, a 4?-member committee will be randomly chosen. Find the probability that the committee contains at least 3 women.

The diameters of tennis balls are distributed normally the

The diameters of tennis balls are distributed normally. The mean is 2.7 inches and the standard deviation is 0.3 inches. Find the probability that the diameter of a selected bearing is greater than 3 inches. (Round your ...

Doctoral assistant ships of phd students 50 have paid

Doctoral assistant ships of Ph.D students 50% have paid assistant ships. a random sample of n=200 students is chosen.. based on this sample and using the properties of the binomial distribution, what is the approximate s ...

There is an 8 2-year bond which we buy now at which point

There is an 8%, 2-year bond, which we buy now at which point the required rates are 6%. If we intend to sell it in 2 years, when the market rates of interest are 2%, what is the market price of the bond then and now? A 1 ...

In a hypothesis test we use a sample to gain insight on

In a hypothesis test, we use a sample to gain insight on what is likely the outcome for the population. In your example, that is a probability of 1 out of 20 as there were 20 people in the class. A hypothesis test might ...

1 the consultants estimated the required rate of return was

1. The consultants estimated the required rate of return was 13.635% 2. The Beta of Poorside's equity was 0.7, the market return was 20% and the risk-free rate was 12% 3. The interest rate on debentures was 13% per annum ...

The british department of transportation studied to see if

The British Department of Transportation studied to see if people avoid driving on Friday the 13th. They did a traffic count on a Friday and then again on a Friday the 13that the same two locations ("Friday the 13th," 20 ...

Iformatics and financial applicationsbackgroundthe

Informatics and Financial Applications Background The assignment of a payroll calculator demonstrates Excels ability to automate and present financial calculation information clearly. The ability to build and professiona ...

The number of facets in the eye of the fruit fly drosophila

The number of facets in the eye of the fruit fly Drosophila melanogaster is of interest in genetics to model changes across many generations (ie genetic selection). The distribution of the number of facets in the eye in ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As