ASK YOUR TEACHERScholarship A is worth $1000 and costs $10 to apply. Scholarship B is...
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ASK YOUR TEACHERScholarship A is worth $1000 and costs $10 to apply. Scholarship B is worth $5000 and costs $25 to apply. You have a 5% chance of receiving Scholarship A and a 2% chance of receivingthe Scholarship B.(a) What is your expected value for Scholarship A?$X(b) What is your expected value for Scholarship B?$X(c) You can only apply for one scholarship. Which one should you choose?Scholarship AScholarship BMY NOTES
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