Microsoft Word – Assignment 1The major airline industry is subject to labor strikes by the pilots, mechanics, and the flight attendance or by two or more of these labor groups. Using the following...

Microsoft Word – Assignment 1The major airline industry is subject to labor strikes by the pilots, mechanics, and the flight attendance or by two or more of these labor groups. Using the following notations,A = strike by the pilotsB = strike by the mechanicsC = strike by the flight attendantsDetermine the probability of a labor strike in the major airline industry in the next 3 years. Assume the following respective probabilities of strikes by the three individual groups: P(A) = 0.03; P(B) = 0.05; P(C)=0.05, and that strikes by the different labor groups arc statistically independent, which means:P(AB) = P(A)P(B); P(AC) = P(A)P(C); P(BC) = P(B)P(C); and P(ABC) = P(A)P(B)P(C)