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27-09-2022
Mathematics

Answered

Suppose you work for a company that manufactures electronics. The development analysts estimate that 3% of their flagship product will fail within 2 years of the purchase date, with a replacement cost of $ 1800.

A newly hired associate at the company proposes to charge $ 48 for a 2-year warranty.

a. Compute the expected value of this proposal. Let X be the amount profited or lost (by the company) on the warranties and P(X) is the probability.
E
=

-6

b. Interpret the expected value in complete sentences. (See Example 4.3 in the textbook for an example of this)

Answer :

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