I am working on a problem and am unsure how to solve it.
The problem: Find an exponential distribution such that P(Z $\ge$ 3) = .04
What I have done so far:
P(Z$\ge$3) = 1 - P(Z$\lt$ 3)
We are solving for $\lambda$ in X ~ Exp($\lambda$)
Quantile is 4% (I think)
What steps do I need to do to solve this problem?