Question: Automobile batteries to perform sufficiently for as long as the person that owned it keeps the car.
Car industry data show that only 20% of car owners retain their cars for 3 years or more. Data from the past suggest the following data:
|
# Years Owned
|
Probability of Battery Failure
|
Battery Exchange Costs
|
% Failed Batteries Returned
|
|
Less than 3
|
0.2
|
$50
|
75%
|
|
3 or more
|
0.6
|
$20
|
50%
|
Required: If 50,000 batteries were sold this year, what is the estimated warranty cost?
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