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probability expected winnings problem???
ok i have a problem i’m stuck on.
here it is:
a typical slot machine has 3 dials, each with 20 symbols. (cherries, lemons, plums, oranges, bells, and bars).
there are respective probabilities listed for each.
there are values for a typical payoff on a 1 unit bet listed as well.
can anyone walk me through how to compute the expected winnings on a single play of the slot machine?
The expected winnings boils down to adding up the payoff for each combination times the probability of that combination occurring for every possible combination.
So if:
the payoff is 5 for 3 cherries and 3 cherries has a 0.10 probability
the payoff is 1 for 3 lemons and 3 lemons has a 0.50 probability
all others are 0 payoff then the expected payoff is
5*0.10 + 1*0.50 = 1.0
I’m sure the combinations are more complex for your case although it appears you don’t have to do the probability calculation as they are already listed.
I hope this is what you’re looking for.
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