Many students accumulate debt by the time they graduate from college. Shown in t

Question

Many students accumulate debt by the time they graduate from college. Shown in the following table is the percentage of graduates with debt and the average amount of debt for these graduates at four universities and four liberal arts colleges.

Question: For graduates of University 1 with debt, the average amount of debt is $ 32,970. Considering all graduates from University 1, what is the average debt per graduate? Round to nearest dollar.

11,014

University % with Debt Amount($) College % with Debt Amount($) 1 74 32,970 1 85 28,755 2 66 32,190 2 95 23,000 3 52 11,222 3 54 10,204 4 63 11,851 4 47

11,014

Explanation / Answer

PErcent with debt amount in Univ 1 ---> 74%

Average debt amount = 32970

For 74% --> debt amount = 32970

So, for 100% --> debt amount = x

Dividing :

74/100 = x/32970

Crossmultiplying :

100x = 32970*74

x = 32970*74 / 100

x = 24397.8

So, considering all graduates, we have an average debt of approx $24,398 --> ANSWER

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