Find the Expected Value of the Random Variable

question 42

Multiple Choice

Find the expected value of the random variable. Round to the nearest cent unless stated otherwise.
-Suppose you pay $2.00 to roll a fair die with the understanding that you will get back $4.00 for rolling a 4 or a 5, nothing otherwise. What is your expected value?

• A)-$2.00
• B)$2.00
• C)-$0.67
• D)$4.00

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Definitions:

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