The lifetime of a camera costing $200 is exponentially distributed with mean 4 years. The manufacturer agrees to pay a full refund to a buyer if the camera fails during the first year following its purchase, and a one-half refund if it fails during the second year. If the manufacturer sells 100 cameras, how much should it expect to pay in refunds? The manufacturer should expect to pay $6817.51 in refunds. (Round to the nearest cent as needed.)
The lifetime of a camera costing $200 is exponentially distributed with mean 4 years. The manufacturer agrees to pay a full refund to a buyer if the camera fails during the first year following its purchase, and a one-half refund if it fails during the second year. If the manufacturer sells 100 cameras, how much should it expect to pay in refunds? The manufacturer should expect to pay $6817.51 in refunds. (Round to the nearest cent as needed.)
Chapter12: Sequences, Series And Binomial Theorem
Section12.3: Geometric Sequences And Series
Problem 12.59TI: New grandparents decide to invest 3200 per month in an annuity for their grandson, The account will...
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Transcribed Image Text:The lifetime of a camera costing $200 is exponentially distributed with mean 4 years. The manufacturer agrees to pay a full refund to a buyer if the camera fails during the first year following its purchase, and
a one-half refund if it fails during the second year. If the manufacturer sells 100 cameras, how much should it expect to pay in refunds?
The manufacturer should expect to pay $6817.51 in refunds.
(Round to the nearest cent as needed.)
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