Question
During a regular shift in the store where you work, you encounter around 20 customers. In this activity, you will simulate this situation to predict
During a regular shift in the store where you work, you encounter around 20 customers. In this activity, you will simulate this situation to predict the number of customers who do not have a store credit card. In this simulation, assume that of the 20 customers you see each day, it is equally likely for you to see any number of customers, from 0 through 20, who do not have the store card.
Simulation 1: 8, 4, 14, 10, 7, 14, 16, 7, 8, 5
Simulation 2: 10, 7, 17, 15, 9, 15, 12, 6, 6, 8
If you are able to open accounts for 25% of the customers who do not have a store card, what is the expected value of extra income for the first 10-day period? For the second 10-day period? Use your simulation data from the previous question to calculate your results. Record your results in the table below.
(after filling out the table answer this question: If it takes 15 minutes to sign up each new credit card customer, including verifying the customer's information and filling out your reward application, how many hours in all will you likely spend on this task during the 10-day promotion? Explain why this is or is not a good investment of your time.) (please do not use chatgpt for this task!)
Day | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
---|---|---|---|---|---|---|---|---|---|---|
Income from Simulation 1 | ||||||||||
Income from Simulation 2 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started