hello,
I am having trouble with an even numbered practice question. We are only given answers to odd numbered practice.
if an item costs 5.00 and has 15% chance of needing to be replaced in first 3 years, and the extended warranty is $95.50? What is the expected value of the warranty if replaced in first 3 years rounded to nearest cent.
I think this answer will come up later but the book’s example is nothing like this so I am confused on how to work it.
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