Explore BrainMass

Explore BrainMass

    Uniform Probability

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    Many retail stores offer their own credit cards. At the time of the credit application the
    customer is given a 10 percent 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.

    a. What is the mean time for the application process?
    b. What is the standard deviation of the process time?
    c. What is the likelihood a particular application will take less than 6 minutes?
    d. What is the likelihood an application will take more than 5 minutes?

    © BrainMass Inc. brainmass.com June 4, 2020, 2:08 am ad1c9bdddf

    Solution Summary

    The solution provides step by step method for the calculation of uniform probabilities. Formula for the calculation and Interpretations of the results are also included.