Assume the following transactions occur sequentially: a. The DMV Corporation, based in New Orleans, converts a $3 million demand deposit held at the New York Money Center Bank to a $3 million Eurodol

a. The likelihood that each of the selected flights arrived within 15 minutes of the scheduled time is .90, and because these events are independent, we can multiply the probabilities together: 0.90 x 0.90 x 0.90 x 0.90 = 0.6561. Therefore, the likelihood that all four selected flights arrived within 15 minutes of the scheduled time is 0.6561 or 65.61%. b. The likelihood that a single flight did not arrive within 15 minutes of the scheduled time is 1 - 0.90 = 0.10. Because we are selecting four flights, and they are independent events, we can use the multiplication rule again: 0.10 x 0.10 x 0.10 x 0.10 = 0.0001. Therefore, the likelihood that none of the selected flights arrived within 15 minutes of the scheduled time is 0.0001 or 0.01%. c. The likelihood that at least one of the selected flights did not arrive within 15 minutes of the scheduled time is equivalent to the complement of the likelihood that all four flights arrived within 15 minutes of the scheduled time. So, using the answer from part a, we can subtract that number from 1: 1 - 0.6561 = 0.3439. Therefore, the likelihood that at least one of the selected flights did not arrive within 15 minutes of the scheduled time is 0.3439 or 34.39%.