The American Community Survey showed that residents of New York City have the longest travel times to

Question:

The American Community Survey showed that residents of New York City have the longest travel times to get to work compared to residents of other cities in the United States (U.S. Census Bureau website, August 2008). According to the latest statistics available, the average travel time to work for residents of New York City is 38.3 minutes.

a. Assume the exponential probability distribution is applicable and show the probability density function for the travel time to work for a resident of this city.

b. What is the probability it will take a resident of this city between 20 and 40 minutes to travel to work?

c. What is the probability it will take a resident of this city more than one hour to travel to work?

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...