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A manufacturer, after producing a new product has to decide on the warranty to give on the new product. The mean expected life is 12
A manufacturer, after producing a new product has to decide on the warranty to give on the new product. The mean expected life is 12 years with a standard deviation of 3 years. Assuming the product's life approaches a normal curve, if the manufacturer targets a return of faulty products under warranty of only 2.5%, for how long should the warranty apply? Please provide/sketch the area under the curve along with your calculation.(6 marks)
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