A slot machine has three slots; each will show cherry, a lemon, a star, or a bar when spun. The player wins if all three slots show same three items.
a. If each of four items is equally likely to appear on given spin, what is your probability of winning?
b. Assume you win $1 for 3 cherries, $0.50 for 3 lemons, $5 for three stars, and $3 for 3 bars, what is the likelihood that you break even if each spin is $1 and you play three times?