Over the last few months, Ithaca Precision Instruments (IPI) obtained the following measurements on a key quality characteristic of its product: 
The company's experience has been that a customer will reject a product that deviates from the target quality characteristic of 0.50 by more than 0.004. Each rejection costs the firm $5. Determine the expected loss of the observed quality characteristic for IPI. Round final steps of calculation to 4 decimal places .
Definitions:
Vinton Cerf
An American Internet pioneer recognized as one of the "fathers of the Internet" for co-designing the TCP/IP protocols and the architecture of the Internet.
Robert Kahn
A pioneering computer scientist known for co-inventing the TCP/IP protocols, the fundamental technology underpinning the internet.
World Wide Web
An information system where documents and other web resources are identified by URLs, interlinked by hypertext, and accessible via the Internet.
Protocol
An agreed-upon format for transmitting data between two devices or entities.
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