An engineer is concerned about the potential loss due to failures of equipment. He obtained the...

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An engineer is concerned about the potential loss due tofailures of equipment. He obtained the following informationregarding the failure events:
There are two possible failure types F1 and F2, which areunrelated;
F1 occurs with 3% in 10 years probability;
F2 occurs with 7% in 15 years probability, and
Associated costs in case of failures for F1 and F2 are $1000 and$400, respectively.
(a) Which failure event (F1 or F2) is more likely to happenduring a year of operation?
(b) What is the expected loss due to the failures F1 and F2 in ayear?
(c) What is the probability of at least one failure in 5years?

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SOLUTION From given data An engineer is concerned about the potential loss due to failures of equipment He obtained the following information regarding the failure events There are two possible failure types F1 and F2 which are unrelated F1 occurs See Answer

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