The average time between trades for a high-frequency trading investment firm is 40 seconds. Assume the time between trades is exponentially distributed. What is the probability that the time between trades for a randomly selected trade and the one proceeding it is less than 20 seconds?

a. 0.1354
b. 0.3935
c. 0.6065
d. 0.8446

0.3935

Business

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