MathMaster logo

MathMaster

  1. Home
  2. general
  3. an investment fund company has a service that allows clients to make money transfers of a accounts to others over the phon
Question

An investment fund company has a service that allows clients to make money transfers of a accounts to others over the phone. An estimated 3.2 percent of calling customers find the line is busy or kept on hold for so long that they hang up. Management believes that any failure of this type is a loss of clientele valued at $10. Suppose you try to make 2,000 calls in a certain period. to) Find the mean and standard deviation of the number of callers who are busy or hang up. after they are kept waiting. b) Find the mean and standard deviation of the total customer loss that Experience the investment fund company in these 2,000 calls.

136

likes
679 views

Answer to a math question An investment fund company has a service that allows clients to make money transfers of a accounts to others over the phone. An estimated 3.2 percent of calling customers find the line is busy or kept on hold for so long that they hang up. Management believes that any failure of this type is a loss of clientele valued at $10. Suppose you try to make 2,000 calls in a certain period. to) Find the mean and standard deviation of the number of callers who are busy or hang up. after they are kept waiting. b) Find the mean and standard deviation of the total customer loss that Experience the investment fund company in these 2,000 calls.

Expert avatar
Rasheed
4.7
109 Answers
Let's denote:
- X as the number of callers who find the line busy or hang up
- Y as the total customer loss in dollars

Given:
- Probability of a caller finding the line busy or hanging up: p = 0.032
- Number of calls attempted: n = 2000
- Value of one lost client: v =

a) Finding the mean and standard deviation of the number of callers who are busy or hang up:
Mean: E(X) = np = 2000 \times 0.032 = 64

Standard Deviation: \sigma_X=\sqrt{np(1-p)}=\sqrt{2000 \times0.032 \times0.968}\approx7.87

b) Finding the mean and standard deviation of the total customer loss:
Mean: E(Y) = X \times v = 64 \times 640

Standard Deviation: \sigma_Y=\sigma_X\times v=7.90\times79
\(\textbf{Answer:}\)
a) Mean number of callers who are busy or hang up: E(X) = 64 , with a standard deviation of \sigma_X \approx 7.90 .
b) Mean total customer loss: E(Y)=640 , with a standard deviation of \sigma_Y=79 .

Frequently asked questions (FAQs)
What is the common characteristic shared by the exponential functions f(x) = 10^x and f(x) = e^x?
+
Question: What is the value of x in log base 2 of x equals 5?
+
Math Question: The lengths of the sides of a triangle are 5, 7, and 9 units. What is the area of this triangle using Heron's Formula?
+
New questions in Mathematics
Find an arc length parameterization of the curve that has the same orientation as the given curve and for which the reference point corresponds to t=0. Use an arc length s as a parameter. r(t) = 3(e^t) cos (t)i + 3(e^t)sin(t)j; 0<=t<=(3.14/2)
One contestant on a game show has 1,500 points and another contestant has -250 points. What is the difference between the scores of the contestants?
The profit G of the company CHUNCHES SA is given by G(x) = 3×(40 – ×), where × is the quantity of items sold. Find the maximum profit.
x/20*100
The mean temperature for july in H-town 73 degrees fahrenheit. Assuming that the distribution of temperature is normal what would the standart deviation have to be if 5% of the days in july have a temperature of at least 87 degrees?
A regional candy factory sells a guava roll at a price of $48, the monthly fixed costs amount to $125,000 and the variable cost for making a guava roll is $28. Determine: a) The equation of the total income from the production of guava rolls.
Solve this mathematical problem if 3/5 of a roll of tape measures 2m. How long is the complete roll?
A construction company is working on two projects: house construction and building construction. Each house requires 4 weeks of work and produces a profit of $50,000. Each building requires 8 weeks of work and produces a profit of $100,000. The company has a total of 24 work weeks available. Furthermore, it is known that at least 2 houses and at least 1 building must be built to meet the demand. The company wants to maximize its profits and needs to determine how many houses and buildings it should build to meet demand and maximize profits, given time and demand constraints.
15/5+7-5
The thermal representation f(x) = 20 times 0.8 to the power of x is known from an exponential function f. Specify the intersection point with the y-axis
Buffalo Company makes and sells shampoo. Each unit requires $1.40 labor costs, material costs per unit are $0.90 and other variable costs are $0.30. It sells shampoo for $4.45 to retailers. Fixed costs are $15,000. It sold 25,000 units in the current month. What is the Break-Even point in units? What is the Break-Even point in dollars? What is the contribution margin of Buffalo Company?
The mass of 120 molecules of X2C4 is 9127.2 amu. Identify the unknown atom, X, by finding the atomic mass. The atomic mass of C is 12.01 amu/atom
Find the vertex F(x)=x^2-10x
A property sold for $745,000 in a co-brokered transaction. The seller has agreed to pay a 7% commission to the listing firm. The listing firm has agreed to equally split the commission with the selling firm. If the buyer’s broker will receive 8% of the selling firm’s commission, how much commission will the buyer’s broker receive? $14,900 $3725 $$37250 $18625
Find the set of points formed by the expression 𝜋<|𝑧−4+2𝑖|<3𝜋.
Find I (Intrest) using simple interest formula of 17700 @ 15% for 4 years
A candy manufacturer must monitor deviations in the amount of sugar in their products They want their products to meet standards. They selected a random sample of 20 candies and found that the sandard deviation of that sample is 1.7. What is the probabilty of finding a sample variance as high or higher if the population variance is actually 3277 Assume the population distribution is normal.
-1/3x+15=18
Sarah is lining a square tray with 1 inch square tiles. the side length of the tray is 9 inches. How many tiles does Sarah need?
A person travels by car from one city to another with different constant speeds between pairs of cities. She drives for 55.0 min at 100.0 km/h, 14.0 min at 65.0 km/h, and 45.0 min at 60.0 km/h and spends 20.0 min eating lunch and buying gas. (a) Determine the average speed for the trip.

You might be interested in