Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Reports indicated that the average life of a refrigerator before replacement is m 5 14 years with a (95% of data) range from 9 to

Reports indicated that the average life of a refrigerator before replacement is m 5 14 years with a (95% of data) range from 9 to 19 years. Let x 5 age at which a refrigerator is replaced. Assume that x has a distribution that is approximately normal.

(a) Find a good approximation for the standard deviation of x values. Hint: See Problem 31.

(b) What is the probability that someone will keep a refrigerator fewer than 11 years before replacement? (c) What is the probability that someone will keep a refrigerator more than 18 years before replacement? (d) Inverse Normal Distribution Assume that the average life of a refrigerator is 14 years, with the standard deviation given in part (a) before it breaks. Suppose that a company guarantees refrigerators and will replace a refrigerator that breaks while under guarantee with a new one. However, the company does not want to replace more than 5% of the refrigerators under guarantee. For how long should the guarantee be made (rounded to the nearest tenth of a year)?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Precalculus (Subscription)

Authors: Michael Sullivan

9th Edition

0321830695, 9780321830692

More Books

Students also viewed these Mathematics questions

Question

What is the difference between pegged and floating exchange rates?

Answered: 1 week ago

Question

Do not go, wait until I come

Answered: 1 week ago

Question

Pay him, do not wait until I sign

Answered: 1 week ago