Let's revisit the tire question. Assume that the tire's mileage is exponentially distributed with a mean...
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Let's revisit the tire question. Assume that the tire's mileage is exponentially distributed with a mean of 57,000 miles. This means the rate of failure is 0.0000175439 tire/mile. With this rate, the probability that a new XB70 tire will fail within 55,000 miles is 0,6190. 1. What is the probability that a new XB70 tire will last longer than 63,000 miles? 2. The manufacturer announces that it will replace the tire if it fails within 63,000 miles. If they sell 1 million tires, how many will need to be replaced under the warranty? Round your answer to the nearest integer[ tires 3. The manufacturer wants to set the guaranteed mileage so that no more than 6% of the tires will have to be replaced under the warranty. What guaranteed mileage should the manufacturer announce? Round your answer to the nearest integer. (The correct answer will be less than 10,000 miles) miles Let's revisit the tire question. Assume that the tire's mileage is exponentially distributed with a mean of 57,000 miles. This means the rate of failure is 0.0000175439 tire/mile. With this rate, the probability that a new XB70 tire will fail within 55,000 miles is 0,6190. 1. What is the probability that a new XB70 tire will last longer than 63,000 miles? 2. The manufacturer announces that it will replace the tire if it fails within 63,000 miles. If they sell 1 million tires, how many will need to be replaced under the warranty? Round your answer to the nearest integer[ tires 3. The manufacturer wants to set the guaranteed mileage so that no more than 6% of the tires will have to be replaced under the warranty. What guaranteed mileage should the manufacturer announce? Round your answer to the nearest integer. (The correct answer will be less than 10,000 miles) miles
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Given that the tires mileage follows an exponential distribution with a mean of 57000 miles we can use the exponential probability distribution formul... View the full answer
Related Book For
Quantitative Methods for Business
ISBN: 978-0324651751
11th Edition
Authors: David Anderson, Dennis Sweeney, Thomas Williams, Jeffrey cam
Posted Date:
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