A catalog company that receives the majority of its orders by telephone conducted a study to determine how long customers were willing to wait on hold before ordering a product. The length of time was found to be a random variable best approximated by an exponential distribution with a mean equal to 3 minutes. What proportion of customers having to hold more than 1.5 minutes will hang up before placing an order?
A) 0.86466
B) 0.60653
C) 0.39347
D) 0.13534

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The Answer of A catalog company that receives the majority of its orders by telephone conducted a study to determine how long customers were willing to wait on hold before ordering a product. The length of time was found to be a random variable best approximated by an exponential distribution with a mean equal to 3 minutes. What proportion of customers having to hold more than 1.5 minutes will hang up before placing an order?
A) 0.86466
B) 0.60653
C) 0.39347
D) 0.13534

A Catalog Company That Receives the Majority of Its Orders