An LG Dishwasher, which costs $1000, has a 23% chance of needing to be replaced in...

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An LG Dishwasher, which costs $1000, has a 23% chance of needing to be replaced in the first 2 years of purchase. A two-year extended warranty costs $112.10 on a dishwasher. Assume the dishwasher is replaced in the first 2 years. a) Write out the probability distribution for the value of the extended warranty to the consumer. Make sure you enter your X values from smallest to largest. X P(X) b) What is the expected value of the extended warranty to the consumer? Round final answer to 2 decimal places and write the units in the second box. An LG Dishwasher, which costs $1000, has a 23% chance of needing to be replaced in the first 2 years of purchase. A two-year extended warranty costs $112.10 on a dishwasher. Assume the dishwasher is replaced in the first 2 years. a) Write out the probability distribution for the value of the extended warranty to the consumer. Make sure you enter your X values from smallest to largest. X P(X) b) What is the expected value of the extended warranty to the consumer? Round final answer to 2 decimal places and write the units in the second box.

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Answer a To calculate the probability distribution for the value of the extended ... View the full answer