Problemmany retail stores offer their own credit cards at, Ask an Expert

Finance

Problem:

Many retail stores offer their own credit cards. At the time of the credit application, the customer is given a 10% discount on the purchase. The time required for the credit application process follows a uniform distribution with the times ranging from 4 minutes to 10 minutes.

Required:

Question 1: What is the mean time for the application process?

Question 2: What is the standard deviation of the process time?

Question 3: What is the likelihood a particular application will take less than 6 minutes?

Question 4: What is the likelihood an application will take more than 5 minutes?

Note: Show all workings.

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Basic Finance, Finance

Category:- Basic Finance
Reference No.:- M91149465

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