You Were Told That the Amount of Time Lapsed Between

question 64

Short Answer

You were told that the amount of time lapsed between consecutive trades on the New York Stock Exchange followed a normal distribution with a mean of 15 seconds. You were also told that the probability that the time lapsed between two consecutive trades to fall between 16 to 17 seconds was 13%. The probability that the time lapsed between two consecutive trades would fall below 13 seconds was 7%. What is the probability that the time lapsed between two consecutive trades will be between 15 and 16 seconds?

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Definitions:

Chosen Alternative

The option selected from among multiple possibilities after a decision-making process.

Ignoring Downgrading

The act of deliberately paying less attention or diminishing the importance of certain information or entities.

Exaggerate Differences

The tendency to amplify or overstate the variations or distinctions between people, objects, or information.

Undesirable Alternatives

Options in a decision-making process that are considered less appealing or unfavorable compared to others, often leading to a dilemma or suboptimal choice.