Let Us Assume the Average Number of Customers Served Per

question 78

Multiple Choice

Let us assume the average number of customers served per hour is five customers.What is the probability that the service exceeds 15 minutes for any customer?

• A)29%
• B)76%
• C)45%
• D)13%

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Definitions:

Annuity Payment

A fixed sum of money paid to someone each period, typically for the rest of their life or for a fixed number of years.

Insurance Proceeds

The payment received by an insured party from an insurance company in the event of a claim.

Lump Sum

A one-time transaction conducted at a specific moment, rather than multiple smaller payments or installments.

Ordinary Annuity

Consecutive settlements of equal value made at the end of each period over an established length of time.