Someone claims that the waiting time, in minutes, between hits at a certain website has the exponential distribution with parameter 1 a Let X be the waiting time until the next hit If the claim is true, what is P(X 5) b Based on the answer to part (a), if the claim is true, is five minutes an unusu...

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Someone claims that the waiting time, in minutes, between hits at a certain website has the exponential

Question:

Someone claims that the waiting time, in minutes, between hits at a certain website has the exponential distribution with parameter λ = 1.

a. Let X be the waiting time until the next hit. If the claim is true, what is P(X ≥ 5)?

b. Based on the answer to part (a), if the claim is true, is five minutes an unusually long time to wait?

c. If you waited five minutes until the next hit occurred, would you still believe the claim? Explain.

Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...

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