Question

In: Statistics and Probability

Many of a bank’s customers use its automatic teller machine to transact business after normal banking...

Many of a bank’s customers use its automatic teller machine to transact business after normal banking hours. During the early evening hours in the summer months, customers arrive at a certain location at the rate of one every other minute. This can be modeled using a Poisson distribution. Each customer spends an average of 99 seconds completing his or her transactions. Transaction time is exponentially distributed.


a. Determine the average time customers spend at the machine, including waiting in line and completing transactions. (Do not round intermediate calculations. Round your answer to the nearest whole number.)

Average time in minutes

b. Determine the probability that a customer will not have to wait upon arriving at the automatic teller machine. (Round your answer to 2 decimal places.)

Probability           

c. Determine the average number of customers waiting to use the machine. (Round your answer to 2 decimal places.)

Average number of customers

Solutions

Expert Solution


Related Solutions

At Acme Bank the total amount of money that customers withdraw from an automatic teller machine...
At Acme Bank the total amount of money that customers withdraw from an automatic teller machine (ATM) each day is believed to be normally distributed with a mean of $8600 and a variance of 6250000. i) At the beginning of weekday (M-F), the Acme Bank puts $10000 into the automatic teller machine. What is the probability that the ATM becomes empty before the end of the day. ii) How much should the Acme Bank put in the ATM each day...
Consider an automatic bank machine, known as Automatic Teller Machine (ATM), and a customer who wishes...
Consider an automatic bank machine, known as Automatic Teller Machine (ATM), and a customer who wishes to withdraw some cash from his or her banking account. Draw a UML system sequence diagram to represent this use case.
Commercial Bank and Trust Company is studying the use of its automatic teller machines (ATMs). Of...
Commercial Bank and Trust Company is studying the use of its automatic teller machines (ATMs). Of particular interest is whether young adults (under 25 years) use the machines more than senior citizens. To investigate further, samples of customers under 25 years of age and customers over 60 years of age were selected. The number of ATM transactions last month was determined for each selected individual, and the results are shown below. Under 25 10 10 11 15 7 11 10...
You will write a program using Python that simulates an Automatic Teller Machine (ATM). For this...
You will write a program using Python that simulates an Automatic Teller Machine (ATM). For this program, your code can have user defined functions (but not required), the program must not call on any external functions or modules to handle any of the input, computational, and output requirements. Requirements: There is a customer with the following credential and can only access the system if the Access Code is correct: • Name: Peter Parker, Access Code: 2222 • When the program...
Customers at a Post Office line up to transact business with a single clerk at the...
Customers at a Post Office line up to transact business with a single clerk at the Postal Agency. Customers arrive at the rate of four per minute, following a Poisson distribution. The single Postal clerk takes 12 seconds to service a customer, following an exponential distribution. What is the probability that there are more than two customers in the system? What is the probability that the system is empty? How long will the average customer have to wait before reaching...
"Reflect on an IS with which you are familiar, such as the automatic banking machine. How...
"Reflect on an IS with which you are familiar, such as the automatic banking machine. How does this IS function? What are the advantages of using this system? What are the disadvantages? Are there any enhancements you would like to add to this system?"
The computer that controls a bank's automatic teller machine crashes a mean of 0.6 times per...
The computer that controls a bank's automatic teller machine crashes a mean of 0.6 times per day. What is the probability that, in any seven-day week, the computer will crash less than 3 times? Round your answer to four decimal places.
The computer that controls a bank's automatic teller machine crashes a mean of 0.4 0.4 times...
The computer that controls a bank's automatic teller machine crashes a mean of 0.4 0.4 times per day. What is the probability that, in any seven-day week, the computer will crash less than 4 4 times? Round your answer to four decimal places.
CASE Study: A Report on Global ATM Frauds The Automatic Teller Machine (ATM) was first commercially...
CASE Study: A Report on Global ATM Frauds The Automatic Teller Machine (ATM) was first commercially introduced in the 1960s. By 2005, there were over 1.5 million ATMs installed worldwide. The introduction of the ATM proved to be an important technological development that enabled financial institutions to provide services to their customers in a 24X7 environment. The ATM has enhanced the convenience of customers by enabling them to access their cash wherever required from the nearest ATM. However, as the...
To gain access to his account, a customer using an automatic teller machine (ATM) must enter...
To gain access to his account, a customer using an automatic teller machine (ATM) must enter a 6-digit code ( 0 to 9). If repetition of the same digit is not allowed (for example, 555561 or 333333), how many possible combinations are there?(The first digit can not be zero) a)151200 b)136080 c)1,000,000 d)900,000
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT