Question 844321: A used car salesman in a small town states that, on the average, it takes him 5 days to sell a car. Assume that the probability distribution of the length of time between sales is exponentially distributed. What is the probability that he will have to wait at least 8 days before making another sale?
Answer by ewatrrr(24785)   (Show Source):
You can put this solution on YOUR website!
Hi,
re reply:
Assume that the probability distribution of the length of time between sales is exponentially distributed
considering the info given, the Poisson Distribution the best fit
Using TI calculator
Considering a POISSON DISTRIBUTION P(x; μ) =e^(-μ)(μ^x) / x!
The syntax is 1 – poissoncdf(mean, largest x-value).
P(x is at least 8 days) = 1 – poissoncdf(5, 7) = .1334 0r 13.34%
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