Question

Suppose the time to process a loan application follows a uniform distribution over the range 7 to 13 days. What is the probability that a randomly selected loan application takes longer than 9 days to process?

Answer 1

Answer:

The probability that the loan process will take longer than 9 days is 0.6667.

Step-by-step explanation:

The probability that the application takes more than 9 days is given as $P(x=9)=\dfrac{x_{max}-x}{x_{max}-x_{min}}$

Here

x_max=13

x_min=7

x=9 so the value is given as

$P(x=9)=\dfrac{x_{max}-x}{x_{max}-x_{min}}\\P(x=9)=\dfrac{13-9}{13-7}\\P(x=9)=0.6667$

So the probability that the loan process will take longer than 9 days is 0.6667.