Answered step by step
Verified Expert Solution
Link Copied!

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 summer

image text in transcribed
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 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 100 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.) Average time minutes b. Determine the probability that a customer will not have to wait upon arriving at the automatic teller machine. (Round your answer to 2 decimal places.) Probability c. Determine the average number of customers waiting to use the machine. (Round your answer to 2 decimal places.) Average number customers

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Stage Management

Authors: Lawrence Stern, Jill Gold

11th Edition

9781138124462

More Books

Students also viewed these General Management questions

Question

How much are your customers worth to you over a lifetime of buying?

Answered: 1 week ago