Question

# 1. 60% of a department stores customers have a credit card from that department store, and...

1. 60% of a department stores customers have a credit card from that department store, and 30% of a store’s customers make at least 1 purchase per month on average. Finally, 80% of the customers who make at least 1 purchase per month have a store’s credit card. Of the customers who do not make at least 1 purchase per month, what is the probability a randomly chosen customer has a store’s credit card? (please round your answer to 4 decimal places)

2. The time between customers entering a store is exponentially distributed with a mean of 14 minutes. If one customer just entered the store what is the probability that it will be at least 16 minutes before another customer enters the store?

1)

Lets say we have a sample size of 100.

60% of a department stores customers have a credit card from that department store = 60% of 100 = 60.

30% of a store’s customers make at least 1 purchase per month on average = 30.

80% of the customers who make at least 1 purchase per month have a store’s credit card = 80% of 30 = 24.

Probability = favorable/total

Total = who do not purchase at least 1 = 100 - 30 = 70

Favorable = have credit card = 60 - 24 = 36.

Probability = 36/70 = 0.51428571428 = 0.5143

#### Earn Coins

Coins can be redeemed for fabulous gifts.