An online retailer has determined that the average time for credit card transactions to be electronically approved is 1.9 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. 0.409 (b) Find the probability that a customer waits more than 3 seconds. 0.206 (c) What is the minimum approval time for the slowest 5% of transactions? 0.0975 X sec

Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
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An online retailer has determined that the average time for credit card transactions to be electronically approved is 1.9 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.
0.409
(b) Find the probability that a customer waits more than 3 seconds.
0.206
(c) What is the minimum approval time for the slowest 5% of transactions?
0.0975
X sec
Transcribed Image Text:An online retailer has determined that the average time for credit card transactions to be electronically approved is 1.9 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. 0.409 (b) Find the probability that a customer waits more than 3 seconds. 0.206 (c) What is the minimum approval time for the slowest 5% of transactions? 0.0975 X sec
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Step 1

Given:

It is given that the average time for transactions to be electronically approved is 1.9 seconds.

To find:

We have to find the minimum approval time for the slowest 5% of transactions.

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