Question3.12 An investment firm offers its customers municipal bonds that mature after varying numbers of years. Given that the cumulative distribution function of $T$, the number of years to maturity for a randomly selected bond, is $$F(t)=\left\{\begin{array}{ll} 0, & t<1, \\ \frac{1}{4}, & 1 \leq t<3, \\ \frac{1}{2}, & 3 \leq t<5, \\ \frac{3}{4}, & 5 \leq t<7, \\ 1, & t \geq 7, \end{array}\right.$$ find (a) $P(T=5)$;