Assume that a plasma TV company is working at a 3-sigma level of quality in terms of each of 100 component parts in each TV it manufactures. Because of the high price associated with these TV sets,...

Assume that a plasma TV company is working at a 3-sigma level of quality in terms of each of 100 component parts in each TV it manufactures. Because of the high price associated with these TV sets, the company defines a product defect as any unit with one or more defective components. (That is, a good-quality output is defined as a TV set with zero defective parts.) On average, what is the probability (rounded to 3 decimal places, e.g., 0.3331 = 0.333) of producing a unit with zero defects. [Note: You will need to use the NORMDIST function in Excel to find the two-tailed Z value corresponding to the specified sigma level. This probability value is the probability associated a single good-quality component part, under a 3-sigma performance level. Use the following formula: =(NORM.DIST(Sigma value,0,1,TRUE)*2)-1, where “sigma value” is the quality level assumed. For this exercise, you should replace “sigma value” with “3” because we are looking at a 3-sigma level of quality. To calculate the probability of producing a defect-free unit with n components (e.g., n = 100), you will need to raise the calculated probability value associated with a single component to the n-th power (e.g., if the probability for a good-quality single component is 0.90, then the probability that a given unit with 100 components would be error-free is 0.90^100 (i.e., 0.90 raised to the 100th power).]