3- Suppose a tire manufacturer wants to set a mileage guarantee on its new XB 70 tire. Tests revealed that the tire's mileage is normally distributed with a mean of 47 500 miles and a standard deviation of 1,850 miles. The manufacturer wants to set the guaranteed mileage so that no more than 6% of the tires will have to be replaced. What guaranteed mileage should the manufacturer announce?

3- Suppose a tire manufacturer wants to set a mileage guarantee on its new XB 70 tire. Tests revealed that the tire's mileage is normally distributed with a mean of 47 500 miles and a standard deviation of 1,850 miles. The manufacturer wants to set the guaranteed mileage so that no more than 6% of the tires will have to be replaced. What guaranteed mileage should the manufacturer announce?

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Concept explainers

Compound Probability

Compound probability can be defined as the probability of the two events which are independent. It can be defined as the multiplication of the probability of two events that are not dependent.

Tree diagram

Probability theory is a branch of mathematics that deals with the subject of probability. Although there are many different concepts of probability, probability theory expresses the definition mathematically through a series of axioms. Usually, these axioms express probability in terms of a probability space, which assigns a measure with values ranging from 0 to 1 to a set of outcomes known as the sample space. An event is a subset of these outcomes that is described.

Conditional Probability

By definition, the term probability is expressed as a part of mathematics where the chance of an event that may either occur or not is evaluated and expressed in numerical terms. The range of the value within which probability can be expressed is between 0 and 1. The higher the chance of an event occurring, the closer is its value to be 1. If the probability of an event is 1, it means that the event will happen under all considered circumstances. Similarly, if the probability is exactly 0, then no matter the situation, the event will never occur.

Question

What guaranteed mileage should the manufacturer announce?

3- Suppose a tire manufacturer wants to set a mileage guarantee on its new XB 70
tire. Tests revealed that the tire's mileage is normally distributed with a mean of
47,500 miles and a standard deviation of 1,850 miles. The manufacturer wants to
set the guaranteed mileage so that no more than 6% of the tires will have to be
replaced. What guaranteed mileage should the manufacturer announce?

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