Statistics Solutions

[Step-by-Step] Consumer Reports gave information about the ages at which various household products are replaced. For color TV, we get that the mean age is

Question: Consumer Reports gave information about the ages at which various household products are replaced. For color TV, we get that the mean age is \(\mu =8\), and the range is 11-5 = 6 years.

  1. Approximate the standard deviation with the rule of thumb
  2. What is the probability that someone will keep a color TV for more than 5 years before replacement?
    (b) What is the probability that someone will keep a color TV for fewer than 10 years before replacement?
    (d) Assume that the company will replace a TV that breaks while under guarantee with a new one. The company doesn’t want to replace more than 10% of the TV’s under the guarantee. For how long should the guarantee be made?
    Price: $2.99
    Solution: The downloadable solution consists of 2 pages
    Deliverable: Word Document


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