Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Many of a bank s customers use its automatic teller machine to transact business after normal banking hours. During the early evening hours in the
Many of a banks customers use its automatic teller machine to transact business after normal banking hours. During the early evening hours in the summer months, customers arrive at a certain location at the rate of one every other minute. This can be modeled using a Poisson distribution. Each customer spends an average of seconds completing his or her transactions. Transaction time is exponentially distributed.
a Determine the average time customers spend at the machine, including waiting in line and completing transactions. Do not round intermediate calculations. Round your answer to the nearest whole number.
b Determine the probability that a customer will not have to wait upon arriving at the automatic teller machine. Round your answer to decimal places.
c Determine the average number of customers waiting to use the machine. Round your answer to decimal places.
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