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3. (20 points) Show that the exponential distribution has the memoryless property. That is, show that for st 0, P(X s|X t) = P(X
3. (20 points) Show that the exponential distribution has the memoryless property. That is, show that for st 0, P(X s|X t) = P(X s t).
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Financial Markets and Institutions
Authors: Anthony Saunders, Marcia Cornett
6th edition
9780077641849, 77861663, 77641841, 978-0077861667
