The life of a certain type of device has an advertised failure rate of 0.01 per hour.

Question:

The life of a certain type of device has an advertised failure rate of 0.01 per hour. The failure rate is constant and the exponential distribution applies.

(a) What is the mean time to failure?

(b) What is the probability that 200 hours will pass before a failure is observed?

Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...