Solution :
The average number of the arrivals, λ = 6 per hour
Average service rate,
= 8
Average number of the customers in the system is given by,
= 3
Average number of the customers that are waiting in the line behind the person who are being served is,
= 2.25
Proportion of the time the server is busy,
= 0.75
Answer:
The answer is 16 years.
Explanation:
The formula for calculating the value of an investment that is compounded annually is given by:
Where:
is the number of years the investment is compounded,
is the annual interest rate,
is the principal investment.
We know the following:
And we want to clear the value <em>n</em> from the equation.
The problem can be resolved as follows.
<u>First step:</u> divide each member of the equation by :
<u>Second step:</u> apply logarithms to both members of the equation:
<u>Third step:</u> apply the logarithmic property in the second member of the equation:
Fourth step: divide both members of the equation by
We can round up the number and conclude that it will take 16 years for $10,000 invested today in bonds that pay 6% interest compounded annually, to grow to $25,000.