I am trying to change the value of label with change in drop-down value using jQuery but its not working. Please help me fix this.
<select id="myselect">
    <option value="1">1</option>
    <option value="2">2</option>
    <option value="3">3</option>
    <option value="4">4</option>
    <option value="5">5</option>
</select>
<br/>
<label id="label"></label>
<br/>
$("label").val("150.000.000");
$(("#myselect").val()).on('change', function() {
    if ($("#myselect").val() == '1') {
        $("#label").val("150.000.000");
    } else  {
        $("#label").val("350.000.000");
    }
});
 
     
     
    