A Certain Product Is Comprised of Two Components: X and Y.Component

question 14

Short Answer

A certain product is comprised of two components: X and Y.Component X has a random failure rate of one in every ten years,while component Y's random failure rate is one in every five years.This product has a mean time to wear-out of eight years with a standard deviation of one year.What would be the reliability of this product if both components were backed up with an identical component?

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Definitions:

Collection Agency

An organization employed by creditors to collect funds that are owed by individuals or businesses, usually when those debts are past due.

Principal

The original amount of money borrowed or invested, excluding any interest or dividends.

Defaults

In financial contexts, refers to the failure to meet the legal obligations or conditions of a loan, such as not making the required payments.

Secured Transaction

A financial agreement in which the borrower provides the lender a security interest in certain assets as collateral for a loan.