Question: Unknown to an experimenter, the failure time of a component has an exponential distribution with parameter = 0.02 per minute. The experimenter takes 110

Unknown to an experimenter, the failure time of a component has an exponential distribution with parameter λ = 0.02 per minute. The experimenter takes 110 components, and finds out how main of them last longer than one hour. This allows the experimenter to estimate the probability that a component will last longer than one hour. What is the probability that the experimenter's estimate is within 0.05 of the correct answer.'

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