A simple tension member with a diameter of 0.505 in. is subjected to an axial force of 7215 LBF. Strains of 1640 and –485 μ-strain are measured in the axial and transverse directions, respectively. Assuming elastic conditions, determine the values of Young’s modulus and Poisson’s ratio for the material. (Note: The diameter that is specified is commonly considered a “standard” for circularly sectioned metal specimens. Do you know why?