SOLUTION: Suppose the time to process a loan application follows a uniform distribution over the range 8 to 17 days. What is the probability that a randomly selected loan application takes l

Question 1192725: Suppose the time to process a loan application follows a uniform distribution over the range 8 to 17 days. What is the probability that a randomly selected loan application takes longer than 13 days to process?
Answer by ikleyn(52781) (Show Source): You can put this solution on YOUR website!
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Suppose the time to process a loan application follows a uniform distribution
over the range 8 to 17 days. What is the probability that a randomly selected
loan application takes longer than 13 days to process?
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The base interval for comparison is from 8-th day to 17-th day, inclusive, i.e.  17-7 = 10 days.


Working interval is from 14-th to 17-th day, or 17-13 = 4 days.


The probability under the question is the ratio of working interval to the base interval


    P =  =  = 0.4 = 40%.     ANSWER

Solved.

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