A standard slot machine has three reels the first reel has

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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