SOLUTION: you want to offer a warranty for laptop computers that will only have you replace the bottom 1.5% of laptops. If life of a laptop is normally distributed with a mean of 4 years and
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Question 928933: you want to offer a warranty for laptop computers that will only have you replace the bottom 1.5% of laptops. If life of a laptop is normally distributed with a mean of 4 years and a standard deviation of 1.2 years, how many years should you warranty be for
You can put this solution on YOUR website! mean of 4 years and a standard deviation of 1.2 years
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1.2(invNorm(.015) + 4 = 1.2(-2.17) + 4 = 1.396
That is both 1.5% are < 1.4 years old.
Warranty of 1.5 years would work.
