Solve the Problem. -The Length of Time for Telephone Conversations (In Minutes) Is

question 6

Multiple Choice

Solve the problem.
-The length of time for telephone conversations (in minutes) is exponentially distributed. The average (mean) length of a conversation is 5 minutes. What is the probability that a conversation lasts less than 3 minutes?

• A) 0.189
• B) 0.451
• C) 0.549
• D) 0.811

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Definitions:

Sense of Urgency

is the feeling that one’s actions must be immediate and rapid to accomplish goals or respond to situations.

Annual Growth Rate

The percentage increase in the value of something over a one-year period, often used to measure the expansion of a company or economy.

Expansive Industry

An industry experiencing growth and enlargement, encompassing a wide range of activities and services.

Niche Market

A specific, often small segment of the market with unique preferences and needs that may be underserved.