Q: A financial advisor at a financial consulting firm spends time with his investing clients throughout the year. Based on the historical data, he finds that the consulting time T spent with a client can be modeled as a continuous, uniformly distributed random variable, with the minimum value of 50 minutes and the maximum value of 183 minutes.
What is the probability that his consulting time with an investor client will not exceed 2 hours (i.e., 120 minutes)? Choose the closest answer.
or
Q: Throughout the year, a financial adviser at a financial consulting business spends time with his customers who are investors. The consultation time T with a customer may be represented as a continuous, uniformly distributed random variable with a minimum value of 50 minutes and a maximum value of 183 minutes, he concludes based on the historical data.
How likely is it that he will confer with an investment customer for no more than two hours, or 120 minutes? Select the most accurate response.
- 0.0075
- 0.53
- 0.9825
- 0.67
- 0.33
- 0.47
Explanation: Thus, the probability that the consulting time with an investor client will not exceed 120 minutes is approximately 0.53.
