A contestant rolls a die and receives $5 if it is a 1 or 2, receives $ 15 if it is a 3, and pays $2 if it is a 4, 5, or 6. What is the expected value of each trial? Two decimals please!

Answer 1

event value probability

1 or 2 5 1/3

3 15 1/6

4,5,6 -2 1/2

expected value = 5 * 1/3 + 15 * 1/6 - 2 * 1/2 = 3.17