Please show the built-in Excel function! Credit card readers at gas pumps are de
ID: 3176321 • Letter: P
Question
Please show the built-in Excel function! Credit card readers at gas pumps are designed to work within a certain speed range. If a customer pulls the card out too slowly or too fast, the reader may not work properly. Empirical data indicates that the speed at which customers pull out their cards is uniformly distributed from 10in/sec to 60in/sec. i. It is costly to make card readers that can handle both very slow and very fast customers. So a company that makes card readers wants to design a reader such that the slowest 10% and the fastest 5% of customers are ignored. For what speed range should the reader be designed? Please show the built-in Excel function!
Explanation / Answer
Result:
Please show the built-in Excel function! Credit card readers at gas pumps are designed to work within a certain speed range. If a customer pulls the card out too slowly or too fast, the reader may not work properly. Empirical data indicates that the speed at which customers pull out their cards is uniformly distributed from 10in/sec to 60in/sec. i. It is costly to make card readers that can handle both very slow and very fast customers. So a company that makes card readers wants to design a reader such that the slowest 10% and the fastest 5% of customers are ignored. For what speed range should the reader be designed? Please show the built-in Excel function!
Speed is uniformly distributed from 10in/sec to 60in/sec.
Lower speed for bottom 10%, p=0.10
Excel function
=UNIFORM_INV(0.10,10,60)
Answer: 15
Top speed for bottom 5%,
=UNIFORM_INV(0.95,10,60)
Answer: 57.5