Question: A product design engineer must decide if a redundant component is cost-justified in a certain system. The system in question has a critical component with

A product design engineer must decide if a redundant component is cost-justified in a certain system. The system in question has a critical component with a probability of 0.98 of operating. System failure would involve a cost of GHS20,000. For a cost of GHS100, a switch could be added that would automatically transfer the system to the backup component in the event of a failure.

Given this information, the expected cost of failure if a backup is not added is GHS

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