Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate con Required information Royalties received by an investor in an oil well varies according to the price of oil. Data collected from stripper wells in a West Texas oilfield were used to develop the royalty probability relationships shown. Royalties, $/Year 6100 8500 9500 11,900 12,500 18,000 Probability 0.1 0.21 0.32 0.24 0.09 0.04 Determine the expected value of royalty income, E(RI), per year. The expected value of royalty income is $ 9,587 x per year