You purchase a new motor vehicle and are considering

Assignment Help Basic Statistics

Reference no: EM13619619

You purchase a new motor vehicle and are considering purchasing an extended bumper-to-bumber warranty. The extended warranty adds 3 years of protection to the basic warranty and costs $3,000. The following probability distribution shows the anticipated repair costs and associated probabilities during the extended warranty's 3 additional years of protection:

REPAIR COSTS	PROBABILITY
$10,000	0.10
$5,000	0.20
$2,000	0.45
$1,000	0.25

Should you purchase the extended warranty? Please show reasoning/how you came up with your answer!

Reference no: EM13619619

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