Find the Expected Value

question 64

Multiple Choice

Find the expected value.
-Suppose you pay $1.00 to roll a fair die with the understanding that you will get back $3.00 for rolling a 1 or a 2, nothing otherwise. What is your expected value of your gain or loss?

• A)$0.00
• B)-$1.00
• C)$3.00
• D)$1.00

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