Scholarship A is worth $3000 and costs $10 to apply. Scholarship B is worth $5000 and...

 

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Scholarship A is worth $3000 and costs $10 to apply. Scholarship B is worth $5000 and costs $25 to apply. You have a 5% chance of receiving Scholarship A and a 1% chance of receiving the Scholarship B. (a) What is your expected value for Scholarship A? $ 140 (b) What is your expected value for Scholarship B? $ (c) You can only apply for one scholarship. Which one should you choose? Scholarship A Scholarship B Scholarship A is worth $3000 and costs $10 to apply. Scholarship B is worth $5000 and costs $25 to apply. You have a 5% chance of receiving Scholarship A and a 1% chance of receiving the Scholarship B. (a) What is your expected value for Scholarship A? $ 140 (b) What is your expected value for Scholarship B? $ (c) You can only apply for one scholarship. Which one should you choose? Scholarship A Scholarship B