Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 27 Oct 2017 My Price 3.00

independent Exponential

Fred wants to sell his car, after moving back to Blissville (where he is happy with the bus system). He decides to sell it to the first person to offer at least $15,000 for it. Assume that the offers are independent Exponential random variables with mean $10,000.

 

(a) Find the expected number of offers Fred will have.

(b) Find the expected amount of money that Fred will get for the car.

Answers

Maurice Tutor
(5)
Status NEW Posted 27 Oct 2017 04:10 PM My Price 3.00

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