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Mathematics, 20.09.2020 18:01 Lindsay882
**How do I find the expected value? **
Suppose you work for a company that manufactures electronics. The development analysts estimate that 5% of their flagship product will fail within 2 years of the purchase date, with a replacement cost of $ 1200.
A newly hired associate at the company proposes to charge $ 50 for a 2-year warranty.
A. Compute the expected value of this proposal. Let X be the amount profited or lost (by the company) on the warranties and P(X) is the probability.
B. Interpret the expected value.
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**How do I find the expected value? **
Suppose you work for a company that manufactures electronics...
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