**Problem Statement:** An LG Dishwasher, which costs $1000, has a 16% chance of needing to be replaced in the first 2 years of purchase. A two-year extended warranty costs $112.10 on a dishwasher. Assume the dishwasher is replaced in the first 2 years. **a) Probability Distribution:** Write out the probability distribution for the value of the extended warranty. *Instructions:* Make sure you enter your X values from smallest to largest. | X | P(X) | |-----|------| | | | | | | **b) Expected Value Calculation:** What is the expected value of the extended warranty? *Instructions:* Round final answer to 2 decimal places and write the units in the second box.

Problem Statement: An LG Dishwasher, which costs $1000, has a 16% chance of needing to be replaced in the first 2 years of purchase. A two-year extended warranty costs $112.10 on a dishwasher. Assume the dishwasher is replaced in the first 2 years. a) Probability Distribution: Write out the probability distribution for the value of the extended warranty. Instructions: Make sure you enter your X values from smallest to largest. | X | P(X) | |-----|------| | | | | | | b) Expected Value Calculation: What is the expected value of the extended warranty? Instructions: Round final answer to 2 decimal places and write the units in the second box.

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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Question

**Problem Statement:**

An LG Dishwasher, which costs $1000, has a 16% chance of needing to be replaced in the first 2 years of purchase. A two-year extended warranty costs $112.10 on a dishwasher. Assume the dishwasher is replaced in the first 2 years.

**a) Probability Distribution:**

Write out the probability distribution for the value of the extended warranty.

*Instructions:* Make sure you enter your X values from smallest to largest.

| X | P(X) |
|-----|------|
| | |
| | |

**b) Expected Value Calculation:**

What is the expected value of the extended warranty?

*Instructions:* Round final answer to 2 decimal places and write the units in the second box.

Expert Solution

Step 1

Given :

An LG Dishwasher, which costs $1000, has a 23% chance of needing to be replaced in the first 2 years of purchase. A two-year extended warrantee costs $112.10 on a dishwasher. Assume the dishwasher is replaced in the first 2 years.

Let, X denotes cost of a dishwater

P(X) denotes probability of needing to be replaced a dishwater in the first 2 years of purchase .