Question

The lifetime of a calculator costing $250 is exponentially distributed with mean 3 years. The manufacturer...

The lifetime of a calculator costing $250 is exponentially distributed with mean 3 years. The manufacturer agrees to pay a full refund to a buyer if the

calculator fails during the first year following its​ purchase, and a​ one-half refund if it fails during the second year. If the manufacturer sells 100

calculators how much should it expect to pay in​ refunds?

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