Problem:
Many retail stores offer their own credit cards. At the time of the credit application, the customer is given a 10% discount on the purchase. The time required for the credit application process follows a uniform distribution with the times ranging from 4 minutes to 10 minutes.
Required:
Question 1: What is the mean time for the application process?
Question 2: What is the standard deviation of the process time?
Question 3: What is the likelihood a particular application will take less than 6 minutes?
Question 4: What is the likelihood an application will take more than 5 minutes?
Note: Show all workings.