Write the equation of the best fit line in slope-intercept form. Include all of your calculations in your final answer.
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Answer:
The guaranteed mileage should be 31800 miles.
Step-by-step explanation:
Consider the provided information.
It is given that the normally distributed with a mean of 40,000 miles and a standard deviation of 4,000 miles. Also the company desires that no more than 2 percent of the tires will fail to meet the guaranteed mileage.
That means the p < 0.02
Now with the help of the table the respective Z-score value of p < 0.02 is -2.05
From the provided information mean and standard deviation is given as
Now use the formula:
Substitute the respective values in the above formula.
Hence, the guaranteed mileage should be 31800 miles.