Question
1. Suppose insurance annuity tables shows that, on average 1.8 houses are destroyed fire every hour in Australia. What is the probability than an hour
1. Suppose insurance annuity tables shows that, on average 1.8 houses are destroyed fire every hour in Australia. What is the probability than an hour and a half goes by without a house being destroyed by fire?
2.The manager of a branch of a major bank wants to improve service and is thinking about giving $1 to any customer who waits in line for a period of time that is considered excessive. (The bank ultimately decided that more than 8 minutes is excessive.) However, to get a better idea about the level of current service, the bank undertook a survey of customers. A student was hired to measure the time spent waiting in line by a random sample of 50 customers. Using a stopwatch, the student determined the amount of time between the time the customer joined the line and the time they reached the teller. The times were recorded. Construct a 99% confidence interval estimate of the mean waiting time for the bank's customers.
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