The Time You Must Wait for an Orange Line Train

question 17

Essay

The time you must wait for an Orange Line train of the Massachusetts Bay Transit Authority follows a uniform distribution with a lower bound of 0 minutes and an upper bound of 8 minutes.Jonathan is running to catch the train in order to get to a meeting.He knows that the train needs to arrive within five minutes or else he will be late.What is the probability that he will be late to his meeting?

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Definitions:

Book Value

The net value of a company's assets found on its balance sheet, calculated as total assets minus intangible assets (patents, goodwill) and liabilities.

Net Income

The amount of profit left after all expenses, taxes, and costs have been subtracted from total revenue.

Corporate Tax Rate

The share of a business's profits that is remitted to the government as taxation.

Variable Costs

Costs that vary in relation to a company's operational activities, like labor and material expenditures.