Problem #13 (1) An electronic product such as a TV can be made with plug-in modules. A major advantage of a plugin module is in service because it can be replaced easily. Suppose a component costing $5 can fail at a rate of 2% per year. It takes, on average, 2h to replace the component, and the repairperson charges $40 per hour. The same component can be installed on a solid-state module at a cost of $30. Because of the solid-state nature, the failure rate drops to 0.05% per year; because of the plug-in design, it can be replaced in 30min. Determine the minimum required life of the equipment to make a switch from the old design to the plug-in design economically feasible