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a. If the company sets the warranty at a year and a half (say 540 days), what proportion of calculators will they have to replace ?
b . The company doesn't not want to replace more than 1% of the calculators they sell. What length of time should the set for the warranty ?
c . The company would like to set the warranty for 540 days, and still replace no more than 1% of the calculators sold. Increasing the average life of the calculators is too expensive, but they think they reduce the standard deviation of the lifespans . What standard deviation of lifespans would be needed to make this happen?
d. Explain what achieving a smaller standard deviation means in this context.

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