Question: Fred wants to sell his car, after moving back to Blissville (where he is happy with the bus system). He decides to sell it to the first person to offer at least $15,000 for it. Assume that the offers are independent Exponential random variables with mean $10,000.
(a) Find the expected number of offers Fred will have.
(b) Find the expected amount of money that Fred will get for the car.