Question

A bank receives load applications from 6 customers a day. The bank has promised customers that applications will be processed in the order they are received. The table below shows the applications in the order they were received, the processing time for each loan application, and the due date that customers need to hear about their application status:

Customer Processing time Due date
(days) (days)
A 9 12
B 11 17
C 8 10
D 7 12
E 10 21
F 12 27

Determine the average processing time for applications, the average days tardy for each customer's application, and the average number of applications being processed if the bank processes the applications in the order they were received. (Round your answers to 2 decimal places.)

Answer 1

The average processing time for applications is 9.50 days. The average days tardy for each customer's application is 7.00 days. The average number of applications being processed is 3.50 applications.

Step-by-step explanation:

To find the average processing time for applications, we need to sum up the processing times for all the applications and divide them by the total number of applications. In this case, the sum of the processing times is 9+11+8+7+10+12 = 57. Since there are 6 applications in total, the average processing time is 57/6 = 9.50 days.

To find the average days tardy for each customer's application, we need to calculate the difference between the due date and the actual processing time for each application. Then, we sum up these differences and divide them by the total number of applications. The differences for each customer are 3, 6, 2, 5, 11, and 15. The sum of these differences is 42, so the average days tardy is 42/6 = 7.00 days.

To find the average number of applications being processed, we need to calculate the average number of applications at each point in time. We can do this by summing up the number of applications at each point in time and dividing by the total number of points in time. In this case, the number of applications at each point in time is 1, 2, 3, 4, 5, and 6. The sum of these numbers is 21, so the average number of applications being processed is 21/6 = 3.50 applications.