student is considering applying for two scholarships. Help this student make the decision. (show your work) Scholarship A is work $4000. It costs $25 to apply for scholarship A, and there is a probability of 0.05 for recovering scholarship A. What is the student's expected value for applying for scholarship A? ___________ Scholarship B is worth $5500. It costs $15 to apply for scholarship B, and there is a 3% chance of receiving scholarship B. What is the student's expected value for applying for scholarship B?
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
A student is considering applying for two scholarships. Help this student make the decision. (show your work)
Scholarship A is work $4000. It costs $25 to apply for scholarship A, and there is a probability of 0.05 for recovering scholarship A. What is the student's expected value for applying for scholarship A?
___________
Scholarship B is worth $5500. It costs $15 to apply for scholarship B, and there is a 3% chance of receiving scholarship B. What is the student's expected value for applying for scholarship B?
____________
Justify which scholarship she should apply for based on the expected value. Explain.
____________________________________________________________
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
