SOLUTION: A fair die is rolled. If a number 1 or 2 appears, you will receive $5. If any other number appears, you will pay $2. What is the mean value of one trial of this game?

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Question 230965: A fair die is rolled. If a number 1 or 2 appears, you will receive $5. If any other number appears, you will pay $2. What is the mean value of one trial of this game?
Answer by stanbon(75887) (Show Source):
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A fair die is rolled. If a number 1 or 2 appears, you will receive $5. If any other number appears, you will pay $2. What is the mean value of one trial of this game?
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Random Variable X has two values: 5 and -2
The corresponding probabilities are (2/6) and (4/6)
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Mean Value of one trial is (2/6)*5 + (4/6)(-2)
= (10/6) - (8/6) = 2/6 dollars = 33 1/3 cents
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Cheers,
Stan H.