2. Willow Brook National Bank operates a drive-up teller window that allows customers to complete bank transactions without getting out of their cars. On weekday mornings, arrivals to the drive-up teller window occur at random, with an arrival rate of 24 customers per hour or 0.4 customer per minute. A Assume that the service times for the drive-up teller follow an exponential probability distribution with a service rate of 36 customers per hour, or 0.6 customer per minute. Use the exponential probability distribution to answer the following questions: i. What is the probability the service time is one minute or less? ii. What is the probability the service time is two minutes or less?

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.