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During normal business hours at a gas station,customers arrive,on average,every ten minutes.Assume that the distribution of the time between arrivals follows an exponential distribution.Suppose that a customer has just left the gas station.What is the probability that the cashier at the gas station has more than 15 minutes before the next customer arrive?
Surety Financing Company
A surety financing company provides financial guarantees for obligations made by the principal, ensuring contract completion in the event of default.
Discounted
A reduction applied to the regular price of products or services, often used as an incentive for customers.
Maturity Value
The amount payable to the holder of a financial instrument at its maturity date, including principal and any accrued interest.
365-Day Year
A calendar assumption that treats each year as having 365 days for calculating interests or other daily based computations.
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