Question: Let random variable Y be the annual repair cost (in thousand dollars) for a machine and have a Beta distribution with parameters a = 1,

Let random variable Y be the annual repair cost (in thousand

Let random variable Y be the annual repair cost (in thousand dollars) for a machine and have a Beta distribution with parameters a = 1, ,8 = 7. How much money (in dollars) should be budgeted for repair each year so that the cost will exceed the budgeted amount only 5% of time. Note: Please round the answer to four decimal places. C: 428.1 C) 348.2 C: 384.2 C) 342.8

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