A student has applied for two different scholarships to help pay for college. The Arthur Miller Scholarship andBetty Callahan Memorial Scholarship call them scholarship A and scholarship B for short.Scholarship A is worth $1500 and scholarship B is worth $500.This student thinks that there is a 20% chance of winning scholarship A, a 60% chance of winning scholarshipB. Furthermore, this student believes that chance of winning each scholarship is independent of the otherscholarships.1.Open Worksheet 4 file and make sure you are on Part1 sheet which is empty.2.In the first row, label column A with an X then column B with P(X)a.Make the labels bold, or larger than the rest of the table. See below.3.Use the information above and the following steps to fill in your table.a.How much money would they receive if they only won Scholarship A? This is the first numberyou enter just below X in the Excel sheet. If they only won Scholarship A then they must havelost Scholarship B.i.Use the complement rule to find the probability of losing Scholarship B aloneii.Use the multiplicative rule for independent probabilities to find the probability of winningScholarship A AND losing scholarship B. Show your calculation and final answer just belowP(X) in the Excel sheet.b.Use similar reasoning to find the three remaining possibilities for X and P(X):i.How much money would they receive if they won Scholarship B alone? Enter that number incell A3. What is the probability of that? Show your calculation and final answer in cell B3.ii.How much money would they receive if they won both? Enter that number in cell A4. Whatis the probability of that? Show your calculation and final answer in cell B4.iii.How much money would they receive if they did not win either? Enter that number in cellA5. What is the probability of that? Show your calculation and final answer in cell B5.c.Double check your table. The P(X) column should total to 1.00 or 100%4.Use Excel to compute the mean (expected value) of a discrete probability distribution.Page 2a.The formula for the mean (expected value) of a discrete probability distribution is. That is, we need to multiply each X value by its probability then add themall.i.Label cell C1 as X*P(X)Make the labels bold, or larger than the rest of the table. See below.ii.In the next cell down, C2, type =A2*B2 and hit enter key.iii.Next, we need to copy this formula down column C so that you have X*P(X) for eachrow of the table.To do that, you can click on the bottom right corner of the cell C2 and drag downuntil the last row of table.(Instead, you also can click on cell C2 and then simply double click on the bottomright corner of the cell C2)iv.The mean is the sum of the value in column C. Click on cell C6 and type =SUM(v.Then select or highlight all the numbers in column C and hit enter key.vi.The value in cell C6 represents the mean (expected value) of X.5.Save the Excel file and click Part2 sheet of the same file