Industry standards suggest that 7% of new vehicles require warranty service within the first year. Jones Nissan in Sumter, South Carolina, sold 9 Nissans yesterday. (Round your mean answer to 2 decimal places and the other answers to 4 decimal places.)
a. What is the probability that none of these vehicles requires warranty service?
b. What is the probability exactly one of these vehicles requires warranty service?
c. Determine the probability that exactly two of these vehicles require warranty service.
d. Compute the mean and standard deviation of this probability distribution.
The standard deviation is 0.749 and the probability distribution's mean is 0.63.
What is Standard Deviation?A set of data values' variation or dispersion from their mean (average) is measured by their standard deviation. It tells how far apart the individual data points are from the data set's mean value. To put it another way, it is a measure of how different the data are from the mean. A standard deviation that is smaller indicates that the data points are closer to the mean, while a standard deviation that is larger indicates that the data points are further from the mean. It is calculated by taking the square root of the variance, and it is frequently used in statistical analysis.
To know more about Standard Deviation, visit:
https://brainly.com/question/13905583
#SPJ1
None of the following will increase basis for depreciation EXCEPT: Assessments for local improvements, such as sewers and sidewalks, and the cost of extending utility service lines to the property. The cost of demolishing a building. Section 179 deductions. Casualty losses deducted on a retur
Explanation:
it's D because I'm just making this longer so I can post it thank you and good bye
Answer:
A. Assessments for local improvements, such as sewers and sidewalks, and the cost of extending utility service lines to the property.
Explanation:
Assessments for local improvements, such as sewers and sidewalks, and the cost of extending utility service lines to the property increases basis.
The cost of demolishing buildings is generally added to the basis of the land on which the buildings were located
Both C and D decrease basis.
Now find three examples of stocks. Gather the following information about each stock and complete the table:
• day's low share price
• day's high share price
• change percent
trading volume
• closing price
Answer:
The three examples of stocks chosen are:
Share A) Berkshire Hathaway Inc. Class AShare B) NVR Inc. (NVR)Share C) Amazon.com Inc. (AMZN)Their information is given on the attached excel spreadsheet.
Explanation:
Another name for a stock is equity. Stock or equity represents the lowest or smallest fraction of a company which an individual or another company can own.
Usually, they are purchased and sold via the Stock Market or Stock Exchange. There are a total of 16 stock exchanges globally.
- Day's Low Share Price: This refers to the smallest price for which a particular stock was sold or bought during the course of a trading day;
- Day's High Share Price: This refers to the highest price for which a particular stock was purchased during the course of a trading day;
- Change Percent: This refers to the percentage difference between the Closing Price and the Starting Price, divided by the Starting Price, all divided by 100.
Expressed as an equation, it is given as:
(Closing price - Starting price)/(Starting price) = %change.
- Closing Price: This is simply the price at which the last trade for a particular stock was purchased or bought before the market closed for the day.
Cheers
Answer:
The three examples of stocks chosen are:
Share A) Berkshire Hathaway Inc. Class A
Share B) NVR Inc. (NVR)
Share C) Amazon.com Inc. (AMZN)
Their information is given on the attached excel spreadsheet.
Explanation:
Another name for a stock is equity. Stock or equity represents the lowest or smallest fraction of a company which an individual or another company can own.
Usually, they are purchased and sold via the Stock Market or Stock Exchange. There are a total of 16 stock exchanges globally.
- Day's Low Share Price: This refers to the smallest price for which a particular stock was sold or bought during the course of a trading day;
- Day's High Share Price: This refers to the highest price for which a particular stock was purchased during the course of a trading day;
- Change Percent: This refers to the percentage difference between the Closing Price and the Starting Price, divided by the Starting Price, all divided by 100.
Expressed as an equation, it is given as:
(Closing price - Starting price)/(Starting price) = %change.
- Closing Price: This is simply the price at which the last trade for a particular stock was purchased or bought before the market closed for the day.
You have received two bids from outside companies to conduct guest satisfaction surveys for you. You want at least 320 responses. Company A charges $3,200 + $6 per respondent. Company B charges $4,000 + $3 per respondent. Which company will cost you less?
a) Company A
b) Company B
From the two bids received from outside companies to conduct guest satisfaction surveys, the company that would cost me less will be Company B which charges $4,000 + $3 per respondent.
What is a bid?A bid is the price offer that a corporation or individual is willing to pay in the context of auctions, stock exchanges, or real estate. Bidding is an individual or business's offer to set a price for a product or service, or a demand that something is done. Bidding is a method of determining the price or worth of something.
Bidding can be done by a person who is influenced by a product or service in a given setting. It is used by numerous economic niches to determine demand and thus the worth of a commodity or property. In today's modern technology environment, the Internet is a preferred platform for giving bidding services.
Therefore, from the bids received it can be concluded that Company B would cost less.
To learn more on bid, click here:
https://brainly.com/question/28436717
#SPJ3
identify 2 challenge that are experienced by tertiary sector
Answer:
Explanation:
Two challenges commonly experienced by the tertiary sector include technological disruption and increasing customer expectations.
TECHNOLOGICAL DISRUPTION: The rapid advancement of technology has significantly impacted the tertiary sector. Automation, artificial intelligence, and digitalization have led to the emergence of new business models and processes, disrupting traditional service industries. Tertiary sector businesses must adapt to these changes by integrating technology into their operations, upskilling their workforce, and redefining their service offerings to remain competitive.
INCREASING CUSTOMER EXPECTATIONS: In today's digital age, customers have higher expectations when it comes to service quality, convenience, and personalization. They demand seamless online experiences, instant responses, and customized solutions. Meeting these expectations requires tertiary sector organizations to invest in customer relationship management systems, improve their digital presence, and provide personalized and efficient services.
100 pts
The table identifies how many thousands of units of corn and diamonds the United States and Congo can produce in one week. Use this data to answer the question that follows.
Corn
Diamonds
United States
60
10
Congo
20
5
Which statement is true based on the data table?
The United States should specialize in diamonds and trade for corn.
The United States should specialize in corn and trade for diamonds.
Congo should specialize in corn and trade for diamonds.
Congo should specialize in both corn and in diamonds.
Answer:
In view of the units of corn and precious stones delivered by the US, the open-door cost of creating corn is B. 10⁄60.
What is the open-door cost of delivering corn?
The open-door cost of delivering corn to the US would be the number of precious stones that are surrendered to make one unit of corn.
This can be found as:
= Units of jewels/Units of corn
= 10/60 jewels
All in all, choice B is right.
Answer:
B) The United States should specialize in corn and trade for diamonds.
Explanation:
I got it right on the test
Why is it important to remove any emotional feelings when composing an e-mail? Explain using support from the chapter.
The removal of emotional feelings would be helpful because you woul be able to communicate your thoughts better and also use the language that is more appropriate in your speech.
Why a person has to write a mail in the best wayMisunderstandings, strained relationships, and subpar business decisions may result from this. We should be conscious that emails can have a "tone" given that many of us must communicate via email and text. People will recall an email's emotional tone more clearly and for a longer period of time than its actual content.
Never send an email while feeling particularly emotional. Take a deep breath, then send it. Better yet, pick up the phone and have a straightforward conversation.
Read more on emails here; https://brainly.com/question/24688558
#SPJ1
How Credit Works
Quiz Active
23
Interest rates on credit cards
O can be paid annually.
change with the balance.
decrease with early payment.
can vary widely.
Credit refers to the borrowing of money with an understanding of paying it back at a later date with interest. Interest rates on credit cards can vary widely. It’s important to shop around and find a credit card that has a low interest rate and favorable terms. The correct option is d.
It’s a way to finance goods and services when you don’t have the money upfront. Credit scores are a way for financial institutions to assess how likely it is that someone will pay back their debts. It’s an important factor in getting approved for loans and credit cards. Interest rates on credit cards can vary widely. Some people may qualify for a lower interest rate if they have a high credit score or a history of paying their debts on time.
Others may receive higher interest rates if they have a low credit score or have defaulted on payments in the past.The interest rate on a credit card can be paid annually. This means that the interest is calculated at the end of the year and added to the balance owed.
Interest rates can decrease with early payment. If you pay off your credit card balance early, you may be able to avoid some of the interest charges. It’s important to read the terms and conditions of your credit card to see if this is an option.Finally, it’s important to note that interest rates on credit cards can vary widely. It’s important to shop around and find a credit card that has a low interest rate and favorable terms. The correct option is d.
For more such questions on Credit
https://brainly.com/question/13964348
#SPJ8
Tobias is the manager of a major ski resort in Colorado that is open from October through March. What best describes his terms of employment?
seasonal
full-time
self-employed
entry level
Answer: It's seasonal.
Explanation:
BenjaminCompanyproducesproductsC,J,andRfromajointproductionprocess.Eachproductmaybesold at the split-off point or processed further. Joint production costs of $95,000 per year are allocated to the productsbasedontherelativenumberofunitsproduced.DataforBenjamin'soperationsforlastyearfollow:
Answer:
Product C and J only should processed further.
Explanation:
A project from a joint process should be processed further if additional sales revenue from further processing exceeds further processing cost.
So we will compare the net income i.e additional sales revenue minus sales further processing cost less for the three products as follows:
Net income
Product C : (100,000-75,000)-20,000 = $5,000
Product J: (115,000-70,000)-36,000= $9,000
Product R: (55,000-46,500) - 10,000=$(1,500)
Product C and J only should processed further.
why do you think p2p apps have become so popular?
P2P payment apps are popular in the U.S. because they make the exchange of money easy. Nearly half (46%) of smartphone owners say they regularly use peer-to-peer payment apps. These apps offer convenience and flexibility when it comes to making payments.
How can events in a process costing system affect financial statements? Provide examples.
The inventory costing asset account, which shows up on the balance sheet, is where the costs associated with units produced or in production are financial recorded.
The cost is transferred to the cost of goods sold account when the goods are eventually sold, where it appears on the income statement. Financial Process costing is a type of costing that's primarily utilized costing in manufacturing, where products are mass-produced constantly using one or more processes. Examples of this include producing chemicals, erasers, or processed foods. Instead of tracking expenses for each individual item, organizations that use process costing follow the flow of costs from department to department.
To learn more about financial, click here.
https://brainly.com/question/1537763
#SPJ1
definition of industries in priciples of buisness
Answer:
1. Understand Organizational Structure and Design
You need a basic understanding of how good businesses run effectively. From its initial structure of departments and personnel to how individual projects are managed, you need to run your business as effectively and efficiently as you can.
2. Use Capital and Cash Flow Wisely
Your business needs to start with a good financial base, but equally important will be a positive cash flow as you grow and develop. You need to have sufficient funds to pay your employees and vendors so you produce your products and sell them at a profit.
3. Understand the Fundamental Principles of Accounting and Finance
Understand and obey fundamental principles of accounting and finance, and always adhere to the regulations and laws that affect your industry. Obtain necessary permits, complete and file taxes, and pay strict attention to filing deadlines.
4. Respect Your Customers
Your customer may not always be right, but you always need to do whatever you can to make things right. Provide them with the best possible products and services you can deliver and always treat them with respect and understanding. If they become dissatisfied with your products or your services, do your best to quickly resolve the issue with patience and consideration.
I Hope it help you
Paul’s grocery received 1,000 pounds of onion at $0.11 per pound. On the average, 3% of the onions will spoil before selling. Find the selling price per pound to obtain a makeup rate of 180% based on cost.
The selling price per pound for onions to obtain a makeup rate of 180% based on cost is $2.0350.
What is the selling price per pound for onions?Total Cost = Quantity * Cost per pound
Total Cost = 1,000 pounds * $0.11/pound
Total Cost = $110
Spoilage Quantity = 3% of Quantity
Spoilage Quantity = 3% of 1,000 pounds
Spoilage Quantity = 0.03 * 1,000 pounds
Spoilage Quantity = 30 pounds
Effective Quantity = Quantity - Spoilage Quantity
Effective Quantity = 1,000 pounds - 30 pounds
Effective Quantity = 970 pounds
Makeup Rate = 180%
Selling Price per pound:
= (Total Cost * Makeup Rate) / Effective Quantity
= ($110 * 1.80) / 970 pounds
= $2.03505/pound.
Read more about selling price
brainly.com/question/28420607
#SPJ1
Derek is a high school student who is currently taking a course in personal finance. He knows that he should be managing his money from his part-time job better. He has learned about saving and budgeting, but he continues to spend all of his money on his car and going out with friends. He knows that someday he’ll have to be more responsible, but right now he thinks he should just enjoy being a carefree teenager. Why is it important for Derek to manage his money well now instead of waiting until he’s older? Required Case 5: 1. Decisions 2. Eliminate 3. Financial benefits 4. Financial mistakes 5. Future 6. Goals 7. Learning 8. Living paycheck to paycheck 9. Manage 10. Money 11. Normal 12. Plan 13. Pocket 14. Promote 15. Spending
Answer:
Financial mistakes
Explanation:
which statement is true about members of a medicare advantage plan who want to enroll in a medicare supplement plan
The statement about members of a medicare advantage plan who want to enroll in a medicare supplement plan states The consumer must be in a valid MA election or disenrollment period.
What is medicare?Medicare is a government-run national health-care program in the United States that began under the Social Security Administration in 1965 and is currently managed by the Centers for Medicare & Medicaid Services.
Members of a Medicare Advantage Plan who desire to enroll in a Medicare Supplement Plan, according to the statement, The customer must be in the midst of an active MA election or disenrollment period.
Therefore, it can be concluded that the consumer must be in a valid MA election or disenrollment period.
Learn more about medicare here:
https://brainly.com/question/14011571
#SPJ1
Which of the following statements about collaboration is not true? A. Business collaboration relies on the formation of teams that are assigned a specific task or goal. B. One business benefit of collaboration is improved innovation. C. In business, a collaboration can last as little as a few minutes. D. Successful collaboration can be achieved through technology regardless of the organization's culture or structure. E. Businesses need special systems for collaboration.
Answer:
The option "E" is most likely not true.
Explanation:
As shown in a previous answer, "Successful collaboration can be achieved through technology regardless of the organization's culture or structure". This answer is true. Showing how today bussiness can collaborate in person and digitally, answer E would not be true.
The false statement here is Successful collaboration can be achieved through technology regardless of the organization's culture or structure.
Business collaboration has to do with making purposeful connections, both internally & externally (with other firms and organization). Such purpose are in order to attain goals or solve problems by sharing diverse skill sets, abilities, and perspectives.
The effort of collaboration with expertise from different organisations and others partners in the network helps to innovate, grow and increase the competitiveness of such business.
In conclusion, successful collaboration cannot be achieved through technology because physical effort and meetings are need to rob minds on how to move the organisation forward.
Learn more about this here https://brainly.com/question/19539949
Economics
Many manufacturing companies are investing in robots to complete the work traditionally done by employees. How would this have an impact on the companies' fixed and variable costs?
Investment in robots will increase the fixed cost and reduce the variable cost.
What is the impact on fixed and variable cost?
Fixed cost is the cost that remains constant regardless of the level of output. Variable cost is the cost that is determinant on the level of output. It increases with the level of output.
Investment in robots would be expensive for the firm. This would increase the fixed cost but cost of using the robots do not depend on their output. Thus variable cost will be reduced.
On the other hand, using employees would reduce fixed cost and increase the variable cost. Employees are usually paid based on their level of output. This would increase the variable cost. There is little or no upfront cost required with employing labor. Thus fixed cost is low.
To learn more about fixed cost, please check: https://brainly.com/question/14597388
#SPJ1
Fortune Company's direct materials budget shows the following cost of materials to be purchased for the coming three months: January February March $ 3 Material purchases 14,870 11,690 12,760 Payments for purchases are expected to be made 50% in the month of purchase and 50% in the month following purchase. The December Accounts Payable balance is $7,200. The budgeted cash payments for materials in January are
A. $13,580.
B. $13,815
C. $9,980
D. $7,200.
E. $19,960.
Answer:
Total= $14,635
Explanation:
Giving the following information:
Cost of materials:
January= 14,870
February= 11,690
March= 12,760
Payments for purchases are expected to be made 50% in the month of purchase and 50% in the month following purchase.
The December Accounts Payable balance is $7,200.
To calculate the cash disbursement for January, we need to use the following structure:
Cash collection:
Accounts Payable= 7,200
Cash From January= (14,870*0.5)= 7,435
Total= $14,635
how can planning and forecasting positively affect your operation
A number of sentences are given below which, when properly sequenced, form a coherent paragraph. Each sentence is labelled with a letter. Choose the most logical order of sentences from among the four given choices to construct a coherent paragraph. (A) Realists believe that there is an objective reality out there independent of ourselves. (B) This reality exists solely by virtue of how the world is, and it is in principle discoverable by application of the methods of science. (C) They believe in the possibility of determining whether or not a theory is indeed really true or false. (D) I think it is fair to say that this is the position to which most working scientists subscribe. (a) ABCD (b) CDBA (c) DCBA
Answer:
The most logical order of the given sentences is: (c) DCBA.
Explanation:
Sentence (c) introduces the realists' belief in the possibility of determining the truth or falsehood of a theory. Sentence (D) supports this view by stating that most working scientists subscribe to this position. Sentence (B) then elaborates on how this is possible, by stating that reality exists independently of ourselves and is discoverable through the methods of science. Finally, sentence (A) provides a brief summary of the realists' position. Therefore, the correct order is DCBA.
every saturday morning jack read for 30in play baskeball for 60 min and ride his bike if jack
Answer:
Explanation:
I am sorry but please give detailed question
1. Merchandise inventory is classified as non-current assets in the balance sheet.
The statement is incorrect. Merchandise inventory is typically classified as a current asset in the balance sheet, not a non-current asset.
Current assets are assets that are expected to be converted into cash or used up within one year or one operating cycle, whichever is longer. Merchandise inventory consists of goods held for sale in the normal course of business, and it is expected to be sold or used up within a relatively short period of time, usually within one year.
Non-current assets, on the other hand, are long-term assets that are not expected to be converted into cash or used up within one year or one operating cycle. Non-current assets include items such as property, plant, and equipment, intangible assets, long-term investments, and other long-term assets.
It is important to classify assets correctly in the balance sheet to provide an accurate representation of a company's financial position. Merchandise inventory's classification as a current asset reflects its short-term nature and its role in generating revenue through sales in the near future.
For more such question on asset. visit :
https://brainly.com/question/27972503
#SPJ8
Windborn Company has 15,000 shares of cumulative preferred 1% stock, $100 par and 50,000 shares of $30 par common stock.
The following amounts were distributed as dividends:
20Y1 $30,000
20Y2 12,000
20Y3 45,000
Common Stock
(dividends per share)
I cannot figure out Y1 or Y3
The dividends per share for the common stock in year 1 (Y1) is $0.60 per share, and in year 3 (Y3) is $0.90 per share.
To calculate the dividends per share for the common stock in year 1 (Y1) and year 3 (Y3), we need to determine the total dividends distributed and divide them by the number of common shares outstanding.
Given information:
Cumulative preferred stock: 15,000 shares, 1% dividend
Common stock: 50,000 shares, $30 par value
Dividends distributed:
Y1: $30,000
Y2: $12,000
Y3: $45,000
First, let's calculate the dividends per share for the cumulative preferred stock in each year.
Dividends per share for cumulative preferred stock = (Par value * Dividend rate) / Number of preferred shares
Dividends per share for cumulative preferred stock = ($100 * 1%) / 15,000 shares
Dividends per share for cumulative preferred stock = $1 / 15,000
Dividends per share for cumulative preferred stock = $0.000067 per share
Now, let's calculate the dividends per share for the common stock in year 1 (Y1) and year 3 (Y3).
For Y1:
Total dividends for common stock = Dividends distributed - (Dividends per share for cumulative preferred stock * Number of preferred shares)
Total dividends for common stock = $30,000 - ($0.000067 * 15,000)
Total dividends for common stock = $30,000 - $1.005
Total dividends for common stock = $29,998.995
Dividends per share for common stock in Y1 = Total dividends for common stock / Number of common shares
Dividends per share for common stock in Y1 = $29,998.995 / 50,000 shares
Dividends per share for common stock in Y1 = $0.5999799 per share (rounded to $0.60 per share)
For Y3:
Total dividends for common stock = Dividends distributed - (Dividends per share for cumulative preferred stock * Number of preferred shares)
Total dividends for common stock = $45,000 - ($0.000067 * 15,000)
Total dividends for common stock = $45,000 - $1.005
Total dividends for common stock = $44,998.995
Dividends per share for common stock in Y3 = Total dividends for common stock / Number of common shares
Dividends per share for common stock in Y3 = $44,998.995 / 50,000 shares
Dividends per share for common stock in Y3 = $0.8999799 per share (rounded to $0.90 per share)
For such more question on dividends:
https://brainly.com/question/30360786
#SPJ8
define bank run in your own words.
Answer:
A bank run occurs when a large number of customers of a bank or other financial institution withdraw their deposits simultaneously over concerns of the bank's solvency. As more people withdraw their funds, the probability of default increases, prompting more people to withdraw their deposits.
Assume that at the beginning of the year, Firm B divested itself of $20,000 of unproductive capital and earnings for the year fell by only $3,000. Abnormal earnings are:
Answer:
The correct response will be "$600".
Explanation:
The given problem is incomplete. Please find attachment of the complete query.
The given values are:
Normal earning,
= 11000
Rate of interest,
r = 8%
Now,
The abnormal earning will be:
= \(Normal \ earning-Net \ income\)
= \(11000-((150000-20000)\times 8 \ percent)\)
= \(11000-((130000)\times 8 \ percent)\)
= \(600\) ($)
One major advantage of organizing a business as a sole proprietorship is
that:
A. the owner has total control over the company.
B. the company has an unlimited life span.
C. legal liability is spread among many people.
D. it is easy to quickly raise large amounts of capital.
Answer:
A
Explanation:
the owner has total control over the company
One major advantage of organizing a business as a sole proprietorship is that the owner has total control over the company.
What is sole proprietorship?A sole proprietorship is an unincorporated business that is also known as a sole trader or a proprietorship with only one owner who is responsible for paying personal income tax on the company's profits. Since it's not essential to register a distinct business or trade name, many sole owners operate under their own identities. Due to a lack of governmental oversight, a sole proprietorship is the most straightforward type of business to start or dissolve. As a result, consultants, sole proprietors, and other freelancers frequently operate these kinds of enterprises. The majority of small firms begin as sole proprietorships, grow, and ultimately convert to a corporation or limited liability entity.
The quickest and easiest way to start a firm with just one owner is through a sole proprietorship. As soon as you start operating your business, you become a sole proprietor. It is the best approach for new self-employed individuals to get started because it doesn't need submitting federal or state forms and has little regulatory constraints.
In that no separate legal organization is created, a single proprietorship differs significantly from a corporation (corp. ), limited liability company (LLC), or limited liability partnership (LLP). As a result, the proprietor of a sole proprietorship is not immune from the obligations imposed by the business.
The key advantages of a sole proprietorship are the pass-through tax benefit, the simplicity of formation, and the minimal startup and ongoing costs.
A sole proprietorship has several drawbacks, including unrestricted liability that extends beyond the business to the individual and the challenge of acquiring capital backing, particularly through recognized methods such issuing shares and securing bank loans or lines of credit.
Therefore, business owners who operate as sole proprietors start out as an entity with limitless liability. As the company expands, they frequently switch to a limited liability entity that does provide some level of protection to the owners.
To learn more about sole proprietorship, click here
https://brainly.com/question/1428023
#SPJ2
Why do the women from the Financial Diet recommend using direct deposit, mobile banking, and financial apps?
Answer:
They are useful because you save time and money (and most people consider that time is money). Most apps offer services for free while normally your bank used to charge you for them. Sometimes it is not only what you pay for certain services or not, but the amount of time you spend doing something that can be easily done through an app, e.g. instead of going to an ATM you can just use a cellphone. Those 20-30 minutes that you save cost money. Another advantage of doing things online is that you have the information on hand, and you can check your transactions easily, e.g. when preparing tax returns.
Direct deposit, mobile banking, and financial applications are recommended by the Financial Diet because they save time and money.
Financial Diet and direct deposit:The majority of applications provide services for free, although your bank would generally charge you for them.
It's not only about whether you pay for particular services or not; it's also about how much time you spend doing something that might be done quickly with an app, such as withdrawing money from an ATM instead of going to one.
Those 20-30 minutes you save are a financial investment. Another benefit of doing things online is that you have access to the information and can readily check your transactions, such as when filing tax returns.
Find out more information about 'Tax returns'.
https://brainly.com/question/14315557?referrer=searchResults
list four factor you should consider when selecting a financial institution
Answer:
▪︎Products and Services That Fit Your Needs.
▪︎Security for Your Money.
▪︎Convenient Access to Your Cash.
▪︎Minimal Fees.
Explanation:
Define a random variable that represents the time in minutes required to assemble the product
A random variable x is a numerical outcome of a probability experiment. There is a numerical value which is determined by chance for each outcome in the procedure or experiment. Therefore, a random variable is used for describing outcomes using numerical values.
x = time in minutes