In a Bank Drive-Through, There Is a Single Service Window

question 68

Short Answer

In a bank drive-through, there is a single service window and room only for two cars to line-up to wait for service. The mean time between arrivals for drive through customers is 5 minutes. The mean time to complete a customer transaction is 3 minutes. The number of arrivals is distributed according to a Poisson distribution and the service times are exponentially distributed.
-On average, how many cars are in the system?

Calculate the sample size needed for estimating population means with given confidence levels.

Comprehend the impact of standard deviation on determining sample size for population mean estimation.

Analyze the effect of allowable or tolerable sampling error on the calculation of sample size.

Explain the rounding rule for sample size calculation in estimation problems.

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Definitions:

At-Risk

The at-risk rules limit the amount of loss a taxpayer can claim to the amount actually at risk in the investment activity.

Form 6198

An IRS form used by taxpayers to determine the amount of at-risk activities loss that is deductible for the tax year.

At-Risk Amounts

At-Risk Amounts refer to the amount of money an individual could lose in an investment or venture, indicating the level of risk involved in the investment.

At-Risk Amount

The maximum amount of money or other assets that a taxpayer can claim as a deduction or loss from an activity, to the extent of the actual economic risk.