Unknown to an experimenter, the failure time of a component has an exponential distribution with parameter

Question:

Unknown to an experimenter, the failure time of a component has an exponential with parameter λ = 0.02 per minute. The experimenter takes 110 components, and finds out how main of them last longer than one hour. This allows the experimenter to estimate the probability that a component will last longer than one hour. What is the probability that the experimenter's estimate is within 0.05 of the correct answer.'
Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...