The Time It Takes to Process Phone Orders in a Small

question 4

Multiple Choice

The time it takes to process phone orders in a small florist/gift shop is normally distributed with a mean of 6 minutes and a standard deviation of 1.24 minutes.What cutoff values would separate the 16% of orders that take the least time to process?

• A)3.52 minutes
• B)4.76 minutes
• C)8.48 minutes
• D)10.01 minutes
• E)11.98 minutes

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Definitions:

Holder

An individual or entity that legally owns or possesses a document, such as a contract or financial instrument.

Drawer

The party that writes an order or the person who writes a check.

Accommodation Party

A party who signs an instrument to provide credit for another party who has also signed the instrument.

Credit

The granting of a loan and the creation of debt; any form of deferred payment, or the ability of an individual or company to borrow money with the promise to repay it at a later date.