Answer to Question #89632 in Economics for Shivani

Question

Question 3
A bank has an average random arrival rate of 3.2 customers’ every 4 minutes. What is the probability of getting exactly 10 customers during an 8 minute interval? (3 marks)

Answer 1

If a bank has an average random arrival rate of 3.2 customers’ every 4 minutes, it is 6.4 customers’ every 8 minutes.

Using Poisson distribution formula:

$$P(X = 10) = \frac{6.4^{10} ×e^{-6.4} } {10!} = 0.053$$