1
answer
157
views
89g
Problem

For access to Textbook Solutions, a Class+ or Grade+ subscription is required.

Textbook Expert
Textbook ExpertVerified Tutor
16 Nov 2021

Given information

The time (in years) after reaching age  that it takes an individual to retire is approximately exponentially distributed with a mean of about five years. Suppose we randomly pick one retired individual. We are interested in the time after age  to retirement.

Step-by-step explanation

Step 1.

The cumulative distribution function of the exponential distribution is given as follows:

 

Therefore, the required probability is calculated as follows:

 

The required probability is

.   

 

 

Unlock all Textbook Solutions

Already have an account? Log in
Start filling in the gaps now
Log in