a. What is the probability that a randomly chosen student has an outstanding debt of $20,000 or more? b. Given that a student has an outstanding debt of at least $20,000, what is the conditional probability that the debt is at least $50,000?
a. What is the probability that a randomly chosen student has an outstanding debt of $20,000 or more? b. Given that a student has an outstanding debt of at least $20,000, what is the conditional probability that the debt is at least $50,000?
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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Transcribed Image Text:13.35 Student Debt. At the end of 2016, the average outstanding student debt for
bachelor's degree recipients was $28,500. Here is the distribution of outstanding
education debt (in thousands of dollars):17
Debt
Probability
< 10
0.40
10 to < 20
0.13
20 to 30
0.17
30 to 40
0.12
40 to 50
0.08
a. What is the probability that a randomly chosen student has an
outstanding debt of $20,000 or more?
> 50
0.10
b. Given that a student has an outstanding debt of at least $20,000, what is
the conditional probability that the debt is at least $50,000?
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