A store sells a certain digital camera model for $108. During a special promotion, the camera is discounted by 30%. What is the
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Answer:
The warranty period should be of 35 months.
Step-by-step explanation:
Normal Probability Distribution:
Problems of normal distributions can be solved using the z-score formula.
In a set with mean and standard deviation
, the z-score of a measure X is given by:
The Z-score measures how many standard deviations the measure is from the mean. After finding the Z-score, we look at the z-score table and find the p-value associated with this z-score. This p-value is the probability that the value of the measure is smaller than X, that is, the percentile of X. Subtracting 1 by the p-value, we get the probability that the value of the measure is greater than X.
Cook-Easy blender has a mean time before failure of 41 months with a standard deviation of 4 months
This means that
What should be the warranty period, in months, so that the manufacturer will not have more than 8% of the blenders returned?
The warranty period should be the 8th percentile, which is X when Z has a p-value of 0.08, so X when Z = -1.405.
Rounding to the nearest integer, 35.
The warranty period should be of 35 months.