In setting the warranty price for MP3 players, an electronics company wants to e

Question

In setting the warranty price for MP3 players, an electronics company wants to estimate the probability that a randomly purchased MP3 player will fail within the year. In a random selection of 6000 previously sold MP3 players, 87 of them failed within the year. Use the relative frequency approximation to estimate the probability that the next MP3 player sold will fail within a year. Round your answer to 3 significant digits*.

*Significant Digits: Here are some probabilities expressed to 3 significant digits. You start counting digits from left to right starting with the first non-zero digit.

0.123      0.0123      0.00123      0.102      0.350      0.300

P(the next one fails) =

Explanation / Answer

here from relative frequency   probability that the next MP3 player sold will fail within a year

=favourable event/total events =87/6000=0.0145

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