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
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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?