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The Number of Machine failures per Month in a certain plant has a Possion distribution with mean equal to 4. Present facilities at the plant
The Number of Machine failures per Month in a certain plant has a Possion distribution with mean equal to 4. Present facilities at the plant can repair 5 machines per month. If any additional machines fail then they are repaired by an outside contractor. The cost in thousands of dollars to the plant in machine failures can be approximated as X = 12+3Y+Y^2. Find the expected cost of machine failures per month.
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