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1) Many students have accrued a large amount of debt by the time they graduate from college. Given below is the percentage of students graduating with debt and average amount of debt for students graduating with debt at 4 national universities and at 4 liberal arts colleges (U.S. News and World Report, America’s Best Colleges, 2008).

a) If you arbitrarily select a graduate of Morehouse, determine the probability this individual will have graduated with debt?

b) If you arbitrarily select one of these institutions for the follow-up study on student loans, determine probability you will select the institution from which over 60% of students graduated with debt?

c) If you arbitrarily select one of these institutions for the follow-up study on student loans, determine probability you will select the institution in which average amount of debt is greater than $30,000 per student graduating with debt?

d) Determine the probability a student graduates from Pace without any debt?

e) For Pace University, determine the average amount of debt owed per graduating student?

f) In making probability computations above, were you using classical, relative frequency, or subjective method?

National Liberal Arts
University % with Debt Amount($) College % with Debt Amount($)
Pace 72 32,980 Wartburg 83 28,758
Iowa State 69 32,130 Morehouse 94 27,000
Massachusetts 55 11,227 Wellesley 55 10,206
SUNY–Albany 64 11,856 Wofford 49 11,012

Basic Finance, Finance

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