Reference no: EM1399951
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?
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