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A new water filtration system is sold with a 10-year warranty that includes all parts and repairs. Suppose the life of this water filtration system is normally distributed with mean and standard deviation of 16 and 5 years, respectively. a. What is the probability that the water filtration system will require a repair during the warranty period? b. Suppose the water filtration firm makes a $300 profit for every new system it installs. This profit, however, is reduced to $50 if the system requires repair during the warranty period. Find the expected profit of the firm if it installs 1,000 new water filtration systems.

A new water filtration system is sold with a 10-year warranty that includes all parts and repairs. Suppose the life of this water filtration system is normally distributed with mean and standard deviation of 16 and 5 years, respectively. a. What is the probability that the water filtration system will require a repair during the warranty period? b. Suppose the water filtration firm makes a $300 profit for every new system it installs. This profit, however, is reduced to $50 if the system requires repair during the warranty period. Find the expected profit of the firm if it installs 1,000 new water filtration systems.

MATLAB: An Introduction with Applications
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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A new water filtration system is sold with a 10-year warranty that includes all parts and repairs. Suppose the life of this water filtration system is normally distributed with mean and standard deviation of 16 and 5 years, respectively. a. What is the probability that the water filtration system will require a repair during the warranty period? b. Suppose the water filtration firm makes a $300 profit for every new system it installs. This profit, however, is reduced to $50 if the system requires repair during the warranty period. Find the expected profit of the firm if it installs 1,000 new water filtration systems.
Transcribed Image Text:A new water filtration system is sold with a 10-year warranty that includes all parts and repairs. Suppose the life of this water filtration system is normally distributed with mean and standard deviation of 16 and 5 years, respectively. a. What is the probability that the water filtration system will require a repair during the warranty period? b. Suppose the water filtration firm makes a $300 profit for every new system it installs. This profit, however, is reduced to $50 if the system requires repair during the warranty period. Find the expected profit of the firm if it installs 1,000 new water filtration systems.
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