SOLUTION: How long should a manufacturer’s guarantee for its electronic music player be? The manufacturer is only willing to replace 2% of these music players. Their average lifespan is

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Question 415769: How long should a manufacturer’s guarantee for its electronic music player be? The
manufacturer is only willing to replace 2% of these music players. Their average
lifespan is five years, with a standard deviation of 6 months.
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
How long should a manufacturer’s guarantee for its electronic music player be? The manufacturer is only willing to replace 2% of these music players. Their average lifespan is five years, with a standard deviation of 6 months.
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Find the z-value with a 2% right tail: invNorm(0.98) = 2.0537
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Find the corresponding x-value using x = zs+u
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x = 2.0537*6+5*12 monts
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x = 72.322 months
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Cheers,
Stan H.
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