The cost of all maintenance for specific type of car during its 1st year is exponentially...
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The cost of all maintenance for specific type of car during its 1st year is exponentially distributed with a mean of $160. What is the probability that a randomly selected car of this type requires more than $320 in maintenance during its 1st year? |
Homework Answers
Solution:
We are given
λ = 1/160
We have to find P(X>320)
P(X>320) = 1 – P(X<320)
P(X≤x) = 1 – exp(-λx)
P(X<320) = 1 - exp(-320/160)
P(X<320) = 0.864665
P(X>320) = 1 – P(X<320)
P(X>320) = 1 – 0.864665
P(X>320) = 0.135335
Required probability = 0.135335
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