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you want to purchase a used motor vehicle and are considering purchasing warranty,which provides 3 years of protection and costs $3,000, the following probability distribution
you want to purchase a used motor vehicle and are considering purchasing warranty,which provides 3 years of protection and costs $3,000, the following probability distribution shows anticipated repair costs and associated probabilities during the warrant's 3 year protection. Repair- $5,000 , $3,500 , $2,000 , $1,000. Probability- 0.28 , 0.24 , 0.25 , 0.23. Should you purchase the extended warranty
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