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1. The probability that a piece of equipment used in a hospital lab will need a number of repairs per year is given below. A service firm is willing to provide any number of necessary repairs for a fixed fee of $650 per year. Without this plan, a repair costs $500 on average. Which approach would be most economical: repair as needed, or the fixed-fee service contract? L01 Number of repairs per year 0 1 2. 3 4 Probability of occurrence 0.15 0.25 0.30 0.20 0.10