{Truck Salesman Narrative} What is the probability that he will have to wait at least 8 days before making another sale?

Exponentially Distributed

Pertaining to a continuous probability distribution used to model the time between events in a process that occur continuously and independently at a constant average rate.

Probability Distribution

An equation in mathematics that calculates the likelihood of diverse outcomes in an experimental scenario.

Evaluate the probability measures for exponential distributions.
Utilize the lack of memory characteristic of exponential distributions to address issues.
Make use of the exponential distribution in actual cases, for instance, the length of service periods and the gaps between arrivals.

Verified Answer

Rohit SharmaMay 29, 2024

Final Answer :

0.2019 (Note λ is 1/5 = 0.20 days.)

Learning Objectives

Evaluate the probability measures for exponential distributions.
Utilize the lack of memory characteristic of exponential distributions to address issues.
Make use of the exponential distribution in actual cases, for instance, the length of service periods and the gaps between arrivals.

{Truck Salesman Narrative} What is the probability that he will have to wait at least 8 days before making another sale?

Definitions

Learning Objectives

Learning Objectives

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