(Solved) A tire company has invented a revolutionary new product. In order to overcome consumer resistance a mileage guarantee is offered with the tire.
Question: A tire company has invented a revolutionary new product. In order to overcome consumer resistance a mileage guarantee is offered with the tire. Road tests suggest that the mean life of the tire is 42,000 miles, with a standard deviation of 4,000 miles. The tests suggest that tire life is normally distributed.
- What percentage of tires will last for more than 45,000 miles?
- What should the guaranteed mileage be if the firm wishes to replace no more than 4 per cent of tires?
Deliverable: Word Document 
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