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The lifetime, in years, of a gearbox operating continuously has a Weibull distribution with λ = 0...

The lifetime, in years, of a gearbox operating continuously has a Weibull distribution with λ = 0.1 and k = 2. The purchase price of the gearbox is $1000. The manufacturer warranties the gearbox of (a) refunding the entire purchase price if the gearbox fails during its first year of operation, and (b) refunding 40% of the purchase price if the gearbox fails during its second year of operation. What is the expected refund amount per gearbox?

math   Statistics-And-Probability   
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Answer #1

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