Captivate cannot do (with default functionality) what you are hoping to achieve in this case because you want the student to be able to type in any combination of letters that obeys the required password rules and be marked correct.
Captivate's validation options on normal quiz questions with fields (e.g. the Short Answer Question) are limited to matching the learner's answer to specific correct answers that you have to supply beforehand.
To achieve what you're looking for you would need to be using Text Entry Boxes and JavaSCript code, and possibly even Regular Expressions, to parse the learner's answer in the TEB to check for a match.
So the short answer is that what you want to do is possible, but not unless you have access to someone that can help with the technical programming aspects.