I. The Readylite Company produces a flashlight in which product managers are try
ID: 3919078 • Letter: I
Question
I. The Readylite Company produces a flashlight in which product managers are trying to decide how long a warranty to issue. If the managers believe the life of the flashlight follows a normal distribution with a mean of 3.5 years and a standard deviation of 1.50 years): a. What percentage of flashlights sold can they anticipate will be returned within the first one and one-half years? b. What percentage of flashlights sold can they anticipate will be returned within two and one-half years? c. What percentage of flashlights sold can they anticipate will be returned between the first one and one-half and three and one-half years? I. The Readylite Company produces a flashlight in which product managers are trying to decide how long a warranty to issue. If the managers believe the life of the flashlight follows a normal distribution with a mean of 3.5 years and a standard deviation of 1.50 years): a. What percentage of flashlights sold can they anticipate will be returned within the first one and one-half years? b. What percentage of flashlights sold can they anticipate will be returned within two and one-half years? c. What percentage of flashlights sold can they anticipate will be returned between the first one and one-half and three and one-half years? I. The Readylite Company produces a flashlight in which product managers are trying to decide how long a warranty to issue. If the managers believe the life of the flashlight follows a normal distribution with a mean of 3.5 years and a standard deviation of 1.50 years): a. What percentage of flashlights sold can they anticipate will be returned within the first one and one-half years? b. What percentage of flashlights sold can they anticipate will be returned within two and one-half years? c. What percentage of flashlights sold can they anticipate will be returned between the first one and one-half and three and one-half years?Explanation / Answer
Answer:
The given,
Mu = mean = 3.5 years and Sigma = Standard deviation = 1.5
Thus, resultant as
ZX= Z score corresponding to value X = (X-Mu) / sigma
Part a:
The percentage of flashlights will be returned prior to 1.5 years is 9.18%.
Explanation:
For the number of % of lights which returns before first one and a half year, X = 1.5, to its
Corresponding Z value = (1.5-3.5) / 1.5 = -1.33.
Then, the resultant P value corresponding to
Z = -1.33 = P(Z < -1.33) = 0.0917591
Part B:
The percentage of flashlights will be returned prior to 2.5 years is 25.46%.
Explanation:
For the number of % of lights which returns before first two and a half year, X = 2.5 and its Corresponding Z value = (2.5-3.5) / 1.5 = -0.66.
Then, the resultant P value corresponding to
Z = -0.66 = P(Z < -0.66) = 0.2546269
Part C:
The percentage of lights returned b/w 1.5 year and 3.5 year is P3.5 – P1.5 =50 % - 9.
Explanation:
For the number of % lights which returns before first three and a half year, X = 3.5 and its Corresponding Z value = (3.5-3.5) / 1.5 = 0.
Then, the resultant P value corresponding to
Z = 0 = P(Z < 0) = 0.5 = 50 %