Solution) A standard slot machine has three reels. The first reel has 3 walnuts, 7 cherries, 3 oranges, 5 lemo
Question: 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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Answer: The downloadable solution consists of 2 pages
Deliverables: Word Document
Deliverables: Word Document