An LG Dishwasher, which costs $950, has a 20% chance of needing to be replaced in the first 2 years of purchase. A two-year extended warrantee costs $112.10 on a dishwasher. Assume the dishwasher is replaced in the first 2 years. a) Write out the probability distribution for the value of the extended warranty. Make sure you enter your X values from smallest to largest. X P(X) b) What is the expected value of the extended warranty? Round final answer to 2 decimal places and write the units in the second box.
An LG Dishwasher, which costs $950, has a 20% chance of needing to be replaced in the first 2 years of purchase. A two-year extended warrantee costs $112.10 on a dishwasher. Assume the dishwasher is replaced in the first 2 years. a) Write out the probability distribution for the value of the extended warranty. Make sure you enter your X values from smallest to largest. X P(X) b) What is the expected value of the extended warranty? Round final answer to 2 decimal places and write the units in the second box.
College Algebra (MindTap Course List)
12th Edition
ISBN:9781305652231
Author:R. David Gustafson, Jeff Hughes
Publisher:R. David Gustafson, Jeff Hughes
Chapter8: Sequences, Series, And Probability
Section8.7: Probability
Problem 66E: Determine if the statement is true or false. If the statement is false, then correct it and make it...
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