MY NOTES Scholarship 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 receiving the Scholarship B. ASK YOUR TEACHER (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 X