A standard slot machine has three reels the first reel has

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Reference no: EM13613958

A standard slot machine has three reels. The first reel has 3 walnuts, 7 cherries, 3 oranges, 5 lemons, 1 bell, and 1 jackpot bar. The second reel has 7 cherries, 6 oranges, 1 lemon, 3 bells, and 3 bars. The third reel has 4 walnuts, 7 oranges, 5 lemons, 3 bells and 1 bar. The payoffs are

Reel 1

Reel 2

Reel 3

Payoff in Coins

Bar

Bar

Bar

85

Bell

Bell

Bar

18

Bell

Bell

Bell

18

Lemon

Lemon

Bar

14

Lemon

Lemon

Lemon

14

Orange

Orange

Bar

10

Orange

Orange

Orange

10

Cherry

Cherry

Bell

5

Cherry

Cherry

Walnut

5

Cherry

Cherry

Any other

3

a) What is the expected payoff if each picture on each reel is equally likely to appear?

b) In the long run, what fraction of every dollar bet will this one-armed bandit keep?

Reference no: EM13613958

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