A study of the student loan status of university students who received a loan and are no longer in school produced the following information. .40 is the probability of a student not paying back his/her loan .70 is the probability of a student graduating with a university degree .55 is the probability of a student graduating with a university degree and paying back his/her loan If one student was randomly selected, complete the following probabilities (to up to 4 decimal places if necessary) by filling in your answers in the spaces provided (showing your calculations). The probability that the student: a)did not graduate is ___________ b)is not paying back his/her loan or did not graduate is ___________ c)did not graduate given that he/she is not paying back his/her loan is ___________ d)graduated and is not paying back his/her loan is ___________ e)is paying back his/her loan knowing he/she graduated is ___________ f)is not paying back his/her loan and did not graduate is __________
Compound Probability
Compound probability can be defined as the probability of the two events which are independent. It can be defined as the multiplication of the probability of two events that are not dependent.
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Probability theory is a branch of mathematics that deals with the subject of probability. Although there are many different concepts of probability, probability theory expresses the definition mathematically through a series of axioms. Usually, these axioms express probability in terms of a probability space, which assigns a measure with values ranging from 0 to 1 to a set of outcomes known as the sample space. An event is a subset of these outcomes that is described.
Conditional Probability
By definition, the term probability is expressed as a part of mathematics where the chance of an event that may either occur or not is evaluated and expressed in numerical terms. The range of the value within which probability can be expressed is between 0 and 1. The higher the chance of an event occurring, the closer is its value to be 1. If the probability of an event is 1, it means that the event will happen under all considered circumstances. Similarly, if the probability is exactly 0, then no matter the situation, the event will never occur.
A study of the student loan status of university students who received a loan and are no longer in school produced the following information.
- .40 is the
probability of a student not paying back his/her loan - .70 is the probability of a student graduating with a university degree
- .55 is the probability of a student graduating with a university degree and paying back his/her loan
If one student was randomly selected, complete the following probabilities (to up to 4 decimal places if necessary) by filling in your answers in the spaces provided (showing your calculations).
The probability that the student:
a)did not graduate is ___________
b)is not paying back his/her loan or did not graduate is ___________
c)did not graduate given that he/she is not paying back his/her loan is ___________
d)graduated and is not paying back his/her loan is ___________
e)is paying back his/her loan knowing he/she graduated is ___________
f)is not paying back his/her loan and did not graduate is __________
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