The Waiting Time at an Elevator Is Uniformly Distributed Between

question 87

Multiple Choice

The waiting time at an elevator is uniformly distributed between 30 and 200 seconds. What is the probability a rider must wait more than 1.5 minutes?

• A) 0.3529
• B) 0.4500
• C) 0.5294
• D) 0.6471

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Definitions:

Reserve Requirement

The minimum amount of reserves a bank must hold against deposits, as mandated by central banking authorities.

Commercial Banks

Financial institutions that provide a range of services, including accepting deposits, providing loans, and offering other financial products.

Bank Failures

The occurrence when a bank is unable to meet its obligations to its depositors or other creditors because it has become insolvent or too illiquid to meet its liabilities.

Federal Reserve System

The central bank of the United States, responsible for monetary policy, financial regulation, and stability of the financial system.