(Solved): A long-distance limousine company, Excalibur Limousine, owns four vehicles. These four vehicles are ...

21. What is the probability that all four vehicles are available for service on a given day? (a) 0.3796 (b) .6156 (c) .6500 (d) 0.7123 22. What is the probability that at least one vehicle is available for service on a given day? (a) 0.950 (b) 0.975 (c) 0.990 (d) 0.9999 In addition to difference in reliability, vehicles are different in capacity and mileage per gallon. Thus, different vehicles generate different daily revenues when they are available, as summarized in the following table. Note that if a vehicle is not available, no revenue is generated from this vehicle. 23. What is the expected daily revenue generated from the fleet of four vehicles? (a) $\$1,965$ (b) $\$2,050$ (c) $\$2,100$ (d) $\$2,200$ 24. What is the standard deviation of the daily revenue generated? (a) $\$173.21$ (b) $\$204.75$ (c) $\$342.89$ (d) $\$632.19$ (e) $\$117,575$ A long-distance limousine company, Excalibur Limousine, owns four vehicles. These four vehicles are of different ages and have different repair records. The probabilities that on any given day, each vehicle will be available for business are 0.95 (for vehicle 1), 0.90 (for vehicle 2), 0.90 (for vehicle 3 ), and 0.80 (for vehicle 4). Historical records show that the availability of one vehicle is is independent of the availability of any other vehicle. Use this information to answer questions 19 to 24 . 19. What is the expected number of vehicles available for business on a given day? (a) 1 (b) 2 (c) 3.55 (d) 4 20. What is the variance of the number of vehicles available for business on a given day? (a) 0.3875 (b) 0.3994 (c) 0.6225 (d) 0.6319