A radio transmission tower is designed for a "50 year wind." This means that is there is a certain high wind velocity with a return period of 50 years.
What is the probability that a 50-year wind occurs in the first year?
the first time in the fifth year after the completion of the structure?
within five years after the completion?
that a second 50-year wind after completion will occur in the fifth year? Enter your answer to four decimal places.
If each occurrence of a 50-year wind causes $2000 damage to the tower, what repair cost (in $) should one plan for each year?