In slot machine , with three reels, each of which has five pictures: an apple, a cherry, a lemon, grapes, and a bell. In this version, the payoffs are: $50 for three bells $20 for any combination of three fruits (for example: three apples; two apples and one cherry; one apple, one cherry, and one lemon) What is the expected value of this game?
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In slot machine , with three reels, each of which has five pictures: expected value of this game = 10.64 $
Step-by-step explanation:
Total 5 items
apple,cherry, lemon, grapes, and bell.
Total Possible out comes = 5³ = 125
Three bells = 1 Case
Probability of three bells = 1/125
Combination of three fruits = 4³ = 64
Probability of Combination of three fruits = 64/125
Expected Value of the Game = 50 * 1/125 + 20 * 64/125
= 1330 / 125
= 10.64 $
expected value of this game = 10.64 $
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