What is the expected cost of rectification

Reference no: EM131384409

A company involved in making solar panels estimates that 3% of its product are nonconforming. If a random sample of 5 items is selected from the production output, what is the probability that none are nonconforming? That 2 are nonconforming?

The cost of rectifying a nonconforming panel is estimated to be $5. For a shipment of 1000 panels, what is the expected cost of rectification?

Reference no: EM131384409

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