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Let random variable Y be the annual repair cost (in thousand dollars) for a machine and have a Beta distribution with parameters o = 1,
Let random variable Y be the annual repair cost (in thousand dollars) for a machine and have a Beta distribution with parameters o = 1, B = 7. How much money (in dollars) should be budgeted for repair each year so that the cost will exceed the budgeted amount only 2% of time. Note: Please round the answer to four decimal places. O 384.2 O 348.2 O 428.1 O 342.8
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