21. Suppose that the amount of credit card debt a student has during a 4 year college stay is equally likely to be between $1000 and $5000.a.) What's the probability that a randomly selected student has exactly $1500 in credit card debt?b.) What's the probability that a randomly selected student has between $1200 & $3000 in credit card debt?c.) What's the probability that a randomly selected student has no more than $2500 in credit card debt? **Exercise 21: Analyzing Credit Card Debt Among Students**Suppose that the amount of credit card debt a student has during a 4-year college stay is equally likely to be between $1000 and $5000.a) What’s the probability that a randomly selected student has exactly $1500 in credit card debt?b) What’s the probability that a randomly selected student has between $1200 & $3000 in credit card debt?c) What’s the probability that a randomly selected student has no more than $2500 in credit card debt?

Answered: 21. Suppose that the amount of credit…

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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21. Suppose that the amount of credit card debt a student has during a 4 year college stay is equally likely to be between $1000 and $5000. a.) What's the probability that a randomly selected student has exactly $1500 in credit card debt? b.) What's the probability that a randomly selected student has between $1200 & $3000 in credit card debt? c.) What's the probability that a randomly selected student has no more than $2500 in credit card debt?

**Exercise 21: Analyzing Credit Card Debt Among Students**

Suppose that the amount of credit card debt a student has during a 4-year college stay is equally likely to be between $1000 and $5000.

a) What’s the probability that a randomly selected student has exactly $1500 in credit card debt?

b) What’s the probability that a randomly selected student has between $1200 & $3000 in credit card debt?

c) What’s the probability that a randomly selected student has no more than $2500 in credit card debt?

Expert Solution

Step 1: Information given is

The amount of credit card debt a student has during a 4 year college stay is equally likely to be between $1000 and $5000

Let "x" be that the student has credit card debt

A random variable x~Uniform(a=1000 , b=5000)

f(x)= $fraction numerator 1 over denominator straight b minus straight a end fraction space space space space semicolon space straight a less than straight x less than straight b$

f(x)= $fraction numerator 1 over denominator 5000 minus 1000 end fraction space space space semicolon space space 1000 less than straight x less than 5000$

f(x)= $1 over 4000 space space space space space space space semicolon space 1000 less than straight x less than 5000$

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