A tire manufacturer believes that the treadlife of its snow tires can be described by a Normal
Question:
a) If you buy one of these tires, would it be reasonable for you to hope it will last 40,000 miles? Explain.
b) Approximately what fraction of these tires can be expected to last less than 30,000 miles?
c) Approximately what fraction of these tires can be expected to last between 30,000 and 35,000 miles?
d) Estimate the IQR of the treadlives.
e) In planning a marketing strategy, a local tire dealer wants to offer a refund to any customer whose tires fail to last a certain number of miles. However, the dealer does not want to take too big a risk. If the dealer is willing to give refunds to no more than 1 of every 25 customers, for what mileage can he guarantee these tires to last?
Dealer
A dealer in the securities market is an individual or firm who stands ready and willing to buy a security for its own account (at its bid price) or sell from its own account (at its ask price). A dealer seeks to profit from the spread between the...
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a A tread life of 40000 miles is 32 standard deviations above the mean tread life of 32000 According ...View the full answer
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Related Book For 
Stats Data and Models
ISBN: 978-0321986498
4th edition
Authors: Richard D. De Veaux, Paul D. Velleman, David E. Bock
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