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Mathematics, 11.06.2021 21:30 astra
A bank wishing to increase its customer base advertises that it has the fastest service and that virtually all of its customers are served in less than 11 minutes. A management scientist has studied the service times and concluded that service times are exponentially distributed with a mean of 5 minutes. Determine what the bank means when it claims 'virtually all' its customers are served in under 11 minutes and determine the median service time.
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