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Refer to Question 8 (d) of Part A, in which we letX denote the amount of time a randomly selected customer spends on hold with
- Refer to Question 8 (d) of Part A, in which we letX denote the amount of time a randomly selected customer spends on hold with some insurance company. Suppose X follows a distribution with a mean of 8 hours and a variance of 16 hours.
- If you randomly pick one-hundred customers, find the probability that the average time spent on hold is within 1 hour of the population mean. Compare the output with the result you obtained in Question 8 (d) of Part A.
- If you randomly pick 64 customers, find the probability that the average time spent on hold is at most 7.5 hours.
- If you randomly pick 64 customers, find the probability that the average time spent on hold is at least 6.5 hours.
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Accounting Principles
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
10th Edition
1119491630, 978-1119491637, 978-0470534793
