Generally, 'may' and 'might' are synonymous, but 'may' is seldom used in past tense contexts. So, while there is no difference in meaning, because of "had known", 1) sounds wrong, at least to me. CJ
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LaboriousIf she had known she would fail, she might have studied more.That means that she didn't know she would fail, or it would have been possible for her to study more. The action of her studying more didn't really happen. Please tell me if my interpretation of the sentence is correct or not.
LaboriousThat means that she didn't know she would fail, or it would have been possible for her to study more. The action of her studying more didn't really happen. Please tell me if my interpretation of the sentence is correct or not.I think you've got the main point.