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Scholarship A is worth $1000and costs $10 to apply. Scholarship B is worth $5000and costs $25 to apply. You have a4% chance of receiving Scholarship

Scholarship A is worth $1000and costs $10 to apply. Scholarship B is worth $5000and costs $25 to apply. You have a4% chance of receiving Scholarship A and a1% chance of receiving the Scholarship B.

(a) What is your expected value for Scholarship A?

(b) What is your expected value for Scholarship B?

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