Question
Scholarship A is worth $1000 and costs $10 to apply. Scholarship B is worth $4000 and costs $25 to apply. You have a 5% chance
Scholarship A is worth $1000 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.
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?
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An Engineering Approach To Linear Algebra
Authors: W W Sawyer
1st Edition
0511565941, 9780511565946
