The probability is 7/10 or 70% that a randomly selected student does not receive some form of government-sponsored financial aid
Total number of students in the small private college = 800
Number of students who receive some form of government-sponsored financial aid = 240
Number of students who did not receive government-sponsored financial aid = 800 - 240 = 560
Computing the probability using the formula, we get the following:
The probability that a randomly selected student did not receive government-sponsored financial aid = Number of students who did not receive financial aid/Total number of students in the college
= 560/800 = 7/10 or 70%
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