The following data represents the time it takes a company to respond to an account inquiry for opening a new account.
A. Using the exponential distribution estimate the average waiting time using the sample mean. 1, 1, 18, 0, 22, 1, 36, 0, 1, 1,
B. Perform a hypothesis test to determine if the wait time is different from 2 days with type 1 error or 0.05, what is the conclusion? Please show all work