a) A component has a constant failure rate of 6.5 - 10'4 hours1. When the item fails. it is repaired to an "as good as new\" condition. The associated mean downtime is 8 hours. The item is supposed to be in continuous operation. Find the average availability Am, of the item. b) Consider the following cash-ow diagram. Assuming an annual interest rate of 10%. calculate the NPV of the project. Would you recommend going for this project? 40K Year 1 YearZ Year 3 Year-4 15K 5K 5K 5K