To find the probability that the dryer will not need repairs over the 5 year warranty period, we can use the odds against needing repairs.
Odds against needing repairs are given as 3:17. This means that out of every 20 dryers sold, 3 will need repairs and 17 will not.
To find the probability of not needing repairs, we can calculate:
Probability = 17 / (3 + 17) = 17 / 20
Therefore, the probability that the dryer will not need repairs over the 5 year warranty period is 17/20 or 85%.
Denon is buying a clothes dryer that costs $825.
The clothes dryer has a 1 yr warranty from the manufacturer.
The store sells a 5 yr extended warranty for $110. (This is gain amount.)
The odds against needing repairs over the 5 yr are 3:17
What is the probability that the dryer will not need repairs? (This is probability of gain.) Express using the method of your choice
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