A catalog company that receives the majority of its orders by telephone conducted a study to determine how long customers were willing to wait on hold before ordering a product. The length of waiting...

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Extracted text: A catalog company that receives the majority of its orders by telephone conducted a study to determine how long customers were willing to wait on hold before ordering a product. The length of waiting time was found to be a random variable best approximated by an exponential distribution with a mean length of waiting time equal to 9.5 minutes. Find the waiting time at which only 9% of the customers will continue to hold. 11.8 minutes 0.9 minutes 0.1 minutes 15.8 minutes 22.9 minutes