Many retail stores offer their own credit cards. At the time of the credit application, the customer is given a 10% discount on the purchase. The time required for the credit application process follows a uniform distribution with the times ranging from 4 minutes to 10 minutes.
a. What is the mean time for the application process?
b. What is the standard deviation of the process time?
c. What is the likelihood a particular application will take less than 6 minutes?
d. What is the likelihood an application will take more than 5 minutes?
Solution:
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