A piece of medical equipment was bought a new four years ago and its original warranty has just expired. The manufacturer is now offering an extended warranty that will cover all future repairs. This extended warranty has a one time cost of $3400. You estimate the probability distribution for the equipment’s total future repair costs, without the extended warranty as shown below.Total Future Repair cost Probability$1,000.00 .25$2,000.00 .45$5,000.00 .20$10,000.00 .10Without buying the extended warranty: what is the expected total future repair costs? What is the standard deviation of repair cost? What is the coefficient of variation? Using expected value, should you buy the warranty at a cost of $3400?Without buying the extended warranty: what is the probability that the equipment’s total future repair costs will exceed the cost of the extended warranty, $3400?
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