The Life of an electric component has an exponential distribution with a mean of 5 years. What is the probability that a randomly selected one such component has a life less than 5 years? (keep 4 decimal places)
X ~ Exp()
Where , Mean = 1/ = 5
So, = 1 / 5
For exponential distribution,
P(X < x) = 1 - e-X
So,
P( X < 5) = 1 - e-5/5
= 1 - e-1
= 0.6321
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