Times for a bank teller to serve a customer are exponentially distributed with a mean of 2 minutes. If a random customer enters the bank, what is the probability that it will take less than 5 minutes for them to receive service? Round your answer to four decimal digits and do not include units in your answer.

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.