Scholarship A is worth $3000 and costs $10 to apply. Scholarship B is worth $5000 and costs $25 to apply. You have a 4% chance of receiving Scholarship A and a 2% chance of receiving the Scholarship B.
I can't figure out (b) can someone help I thought it was 25 but it's not.
(a) What is your expected value for Scholarship A?
(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