bank is interested in studying the number of people who use the ATM located outside its office late at night. On average, 1.9 customers walk up to the ATM during any 10-minutes interval between 9pm and midnight. Identify the random variable in the above statement and suggest the appropriate distribution to analyze the nature of the random variable. Using the suggested answer, compute the probability of exactly 4 customers using ATM services in any 10 minutes interval between 9 pm and midnight. Also, compute the probability of less than 4 people using the ATM during any 10 minutes interval between 9 pm and midnight.
Compound Probability
Compound probability can be defined as the probability of the two events which are independent. It can be defined as the multiplication of the probability of two events that are not dependent.
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Probability theory is a branch of mathematics that deals with the subject of probability. Although there are many different concepts of probability, probability theory expresses the definition mathematically through a series of axioms. Usually, these axioms express probability in terms of a probability space, which assigns a measure with values ranging from 0 to 1 to a set of outcomes known as the sample space. An event is a subset of these outcomes that is described.
Conditional Probability
By definition, the term probability is expressed as a part of mathematics where the chance of an event that may either occur or not is evaluated and expressed in numerical terms. The range of the value within which probability can be expressed is between 0 and 1. The higher the chance of an event occurring, the closer is its value to be 1. If the probability of an event is 1, it means that the event will happen under all considered circumstances. Similarly, if the probability is exactly 0, then no matter the situation, the event will never occur.
bank is interested in studying the number of people who use the ATM located outside
its office late at night. On average, 1.9 customers walk up to the ATM during any 10-minutes
interval between 9pm and midnight. Identify the random variable in the above statement and
suggest the appropriate distribution to analyze the nature of the random variable. Using the
suggested answer, compute the
10 minutes interval between 9 pm and midnight.
Also, compute the probability of less than 4 people using the ATM during any 10 minutes
interval between 9 pm and midnight.
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