A dishwasher has a mean lifetime of 12 years with an estimated standard deviation of 2 years. Assume the lifetime of a dishwasher is normally distributed. If the warranty guarantees the dishwasher will last at least 10 years or your money back, what is the probability that the company will have to refund money to a customer? There is about ---- % chance that the company will have to refund money to a customer.
Continuous Probability Distributions
Probability distributions are of two types, which are continuous probability distributions and discrete probability distributions. A continuous probability distribution contains an infinite number of values. For example, if time is infinite: you could count from 0 to a trillion seconds, billion seconds, so on indefinitely. A discrete probability distribution consists of only a countable set of possible values.
Normal Distribution
Suppose we had to design a bathroom weighing scale, how would we decide what should be the range of the weighing machine? Would we take the highest recorded human weight in history and use that as the upper limit for our weighing scale? This may not be a great idea as the sensitivity of the scale would get reduced if the range is too large. At the same time, if we keep the upper limit too low, it may not be usable for a large percentage of the population!
A dishwasher has a
If the warranty guarantees the dishwasher will last at least 10 years or your money back, what is the
There is about ---- % chance that the company will have to refund money to a customer.
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