g Over the last several years your company has collected the following monthly repair frequency history on a key piece of manufacturing equipment. If the average repair cost (parts and labor) is $356/repair, calculate the expected annual repair budget for this piece of equipment. Repairs/month Probability 0 0.02 1 0.05 2 0.08 3 0.1 4 0.12 5 0.13 6 0.12 7 0.16 8 0.11 9 0.09 10 0.02
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