Solve the following:
Q1. A certain airplane has two independent alternators to provide electrical power. The probability that a given alternator will fail on 1-hour flight is 0.02. What is the probability that
(a) Both will fail?
(b) Neither will fail?
(c) One or other will fail?
Q2. The contingency table below shows average yield (rows) and average duration (columns) for 38 bond funds.
For a randomly chosen fund, find the probability
(a) The bond fund is long duration.
(b) The bond fund has high yield.
(c) The bond fund has high yield given that it is of short duration.
(d) The bond fund is of short duration, given that has a high yield.