Scholarship A is worth $3000 and costs $10 to apply. Scholarship B is worth $4000 and costs $25 to apply. You have a 5% chance of receiving Scholarship A and a 1% chance of receiving the Scholarship B
What's your question?
(a) What is your expected value for Scholarship A?
I suppose 4000-10= 3990, since it's 5%, divide that by 20? I think but might not be right answer it's been a while since I've last done expected value