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
110 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 volume of a cylinder with radius r and height h? (
+
How many degrees does the angle measure for sin(60°)?
+
What is the volume of a cylinder with radius 2 units and height 5 units?
+
New questions in Mathematics
Add. 7/w²+18w+81 + 1/w²-81
11(4x-9)= -319
1/2x +3 <4x-7
X^2 = 25
Consider numbers from 1 to 2023. We want to delete 3 consecutive, so that the avarage of the left numbers is a whole number. How do we do that
7273736363-8
The actual length of an object is 1.3 m . If the blueprint uses a scale of 1 : 12 , what is the length of the line on the drawing?
The mean life of a television set is 119 months with a standard deviation of 13 months. If a sample of 67 televisions is randomly selected, what is the probability that the sample mean would be less than 121 months? Round your answer to four decimal places
A person borrows rm 1000 from a bank at an interest rate of 10%. After some time, he pays the bank rm 1900 as full and final settlement of the loan. Estimate the duration of his loan.
find all matrices that commute with the matrix A=[0 1]
show step by step simplification: (¬𝑑∨((¬b∧c)∨(b∧¬c)))∧((𝑎 ∧ 𝑏) ∨ (¬𝑎 ∧ ¬𝑏))∧(¬𝑐∨((¬𝑑∧𝑎)∨(𝑑∧¬𝑎)))
Solve the following equation for x in exact form and then find the value to the nearest hundredths (make sure to show your work): 5e3x – 3 = 25
There are 3 orchards, a, b and c. Orchard a has 60 fewer trees than orchard b orchard c has 3 times as many trees as orchard b. If the three orchards have 430 trees altogether, how many trees does orchard c have?
Use linear approximation to estimate the value of the sine of 31o.
If a|-7 and a|9, then a|-63
A cell phone company offers two calling plans. Plan A: $20 per month plus 5 cents for each minute, or Plan B: $30 per month plus 3 cents for each minute. [2] Write an equation to describe the monthly cost (a) C (in $) in terms of the time m (in minutes) of phone calls when Plan A is applied.
Calculate the difference between 407 and 27
22. Let [AB] be a chord in a circle C, and k a circle which is internally tangent to the circle C at a point P and to the chord [AB] at a point Q. Show that the line P Q passes through the midpoint of the arc AB opposite to the arc APB.
-Please answer to the following questions: What is the price elasticity of demand? Can you explain it in your own words? What is the price elasticity of supply? Can you explain it in your own words? What is the relationship between price elasticity and position on the demand curve? For example, as you move up the demand curve to higher prices and lower quantities, what happens to the measured elasticity? How would you explain that? B-Assume that the supply of low-skilled workers is fairly elastic, but the employers’ demand for such workers is fairly inelastic. If the policy goal is to expand employment for low-skilled workers, is it better to focus on policy tools to shift the supply of unskilled labor or on tools to shift the demand for unskilled labor? What if the policy goal is to raise wages for this group? Explain your answers with supply and demand diagrams. Make sure to properly cite and reference your academic or peer-reviewed sources (minimum 2).
(3b)⋅(5b^2)⋅(6b^3)

You might be interested in