Question 1 (Multiple Choice Worth 5 points)
1 answer:
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Answer:
The minimum guaranteed mileage is
Step-by-step explanation:
From the question we are told that
The mean is
The standard deviation is
Generally for the probability to be 4% the minimum guaranteed mileage is evaluated as
=>
=>
From the z table, the critical value corresponding to 0.96 to the left of the curve is
So
=>