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 product of 64 multiplied by 9?
+
What is the equation of an ellipse with center (h, k) whose major axis has length 2a and minor axis has length 2b?
+
What is the relationship between the measure of an inscribed angle and the measure of the intercepted arc?
+
New questions in Mathematics
3(4×-1)-2(×+3)=7(×-1)+2
a) A tap can supply eight gallons of gasoline daily to each of its 250 customers for 60 days. By how many gallons should each customer's daily supply be reduced so that it can supply 50 more customers for twenty more days?
[(36,000,000)(0.000003)^2]divided(0.00000006)
What will be the density of a fluid whose volume is 130 cubic meters contains 16 technical units of mass? If required Consider g=10 m/s2
A juice shop prepares assorted juices, for their juices they have 5 different types of fruit. How many types of assortments can be prepared in total, if it is considered an assortment to a juice made with two or more fruits?
(3x^(2) 9x 6)/(5x^(2)-20)
4x-3y=24 and 5x-2y=9 solve by elimination
How long will it take for $900 to become $5000 at an annual rate of 11.15% compounded bimonthly?
Find the equation of the line perpendicular to −5𝑥−3𝑦+5=0 passing through the point (0,−2)
Calculate the boiling temperature and freezing temperature at 1 atmosphere pressure of a solution formed by dissolving 123 grams of ferrous oxide in 1.890 grams of HCl.
The price per night of a suite at the Baglioni Hotel in Venice is 1896 euros, VAT included. The VAT in Italy is 25%. The hotel gets a return of 10% out of the price VAT included. a) What is the amount of VAT paid by the hotel for one
The simple average of 15 , 30 , 40 , and 45 is
Use linear approximation to estimate the value of the sine of 31o.
Sections of steel tube having an inside diameter of 9 inches, are filled with concrete to support the main floor girder in a building. If these posts are 12 feet long and there are 18 of them, how many cubic yards of concrete are required for the job?
A building lot is in the shape of a triangle with a base of 133 feet and a height of 76 feet. What is it's area in square feet?
A hardware bill totals $857.63 with discounts of 5% and 3%. What is the net cost of the Material ?
Calculate the change in internal energy of a gas that receives 16000 J of heat at constant pressure (1.3 atm) expanding from 0.100 m3 to 0.200 m3. Question 1Answer to. 7050J b. 2125J c. None of the above d. 2828J and. 10295 J
Read the “Local Communities as Stakeholders: Does Amazon Really Need Tax Breaks?” example on p. 83 in Ch. 3 of Management: A Practical Introduction. In your response, discuss whether you feel that tax breaks for big companies benefit local communities. Describe ways to attract business to a region without having a negative impact on the larger community.
simplify w+[6+(-5)]
A group of 17 people spent 9 days on vacation and spent R$776.34 on barbecue meat and the bill needs to be divided as follows: 6 people stayed for 9 days, 7 people stayed for 4 days, and 2 people stayed for 5 days and 2 people stayed 3 days, how much does each group have to pay for the days they stayed?

You might be interested in