A commercial bleach eventually becomes ineffective because the chlorine in it becomes attached to other molecules. The

Question:

A commercial bleach eventually becomes ineffective because the chlorine in it becomes attached to other molecules. The company that manufactures the bleach estimates that the median time for this to happen is about one and a half years.
(a) If an exponential is used to model the time taken for a sample of bleach to become ineffective, what is a suitable value for the parameter λ?
(b) Estimate the probability that a sample of bleach is still effective after two years, and the probability that a sample of bleach becomes ineffective within one year.
Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...