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A certain grocery store has created the following tables of intervals of random numbers with regard to the number of people who arrive at its three checkout stands ready to check out, and the time it takes to check out the individuals. Simulate the utilization rate of the three checkout stands over four minutes using the following random numbers for arrivals: 07, 60, 49, and 95. Use the following random numbers for service: 77, 76, 51, and 16. Describe the results at the end of the four-minute period.
Next Best Use
An economic concept referring to the most profitable or valuable alternative use of a resource if it is not used in its current manner.
Prime Rate
The interest rate that commercial banks charge their most creditworthy customers, usually large corporations.
Present Value
The current value of a future sum of money or stream of cash flow given a specified rate of return.
Future Value
The value of an investment or a sum of money projected at a future date, calculated by applying interest or growth rates to the present value.
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