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Note: The following problem involves the concept that if X~ Exponential(λ) then the expected value (also...

Note: The following problem involves the concept that if X~ Exponential(λ) then the expected value (also referred to as average or mean) of X is 1 / λ. Conversely, λ = 1 / average. Once you know the value of λ, you also know the PDF and CDF which can be used to calculate the required probabilities.

The number of days ahead travelers purchase their airline tickets can be modeled by an exponential distribution with the average amount of time equal to 10 days. Find the probability that a traveler will purchase a ticket fewer than eight days in advance.

Math   Statistics-And-Probability   
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