Use the Information Below to Answer the Following Question(s)

question 47

Multiple Choice

Use the information below to answer the following question(s) .
A steady stream of eager fresh-faced students waits in line to register for classes before the start of fall semester classes.Students arrive at the rate of 10 per hour and it takes the single clerk on duty an average of 3 minutes to check their student status,and register them for classes.The service time is exponentially distributed.
-What is the average time (measured in minutes) that students have to wait in line?

• A)1
• B)3
• C)5
• D)10

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Definitions:

Mortgage

A legal agreement by which a bank, credit union, or other financial institution lends money at interest in exchange for taking title of the debtor's property, with the condition that the conveyance of the title becomes void upon the payment of the debt.

Lien

A legal right or interest that a creditor has in the debtor's property, generally lasting until the debt that it secures is satisfied.

Land

The surface of the earth, extending downward to the center and upward indefinitely into space, inclusive of natural resources and fixtures.

Deed of Trust

A legal document in some states that transfers the title of real property to a trustee as security for a loan until the grantor repays the lender.