Assume that the average life of a color TV is 8 years with a standard deviation of 1.5 years before it breaks. Suppose that a company guarantees color TVs and will replace a TV that breaks while under guarantee with a new one. However, the company does not want to replace more than 10% of the TVs under guarantee. For how long should the guarantee be made (round to the nearest tenth of a year)?
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Step 1
We need to determine the length of the guarantee period such that no more than 10% of the TVs break during this period. This means we are looking for the time \( t \) such that the probability of a TV breaking before \( t \) years is 10%. Show more…
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