Question

Just question E

Because gambling is big business, calculating the odds of a gambler winning or losing in every game is crucial to the financial forecasting for a casino. A standard slot machine has three wheels that spin independently. Each wheel has 10 equally likely symbols that can appear: 4 bars, 3 lemons, 2 cherries, and a bell. If you play once, what is the probability that you will get:

         a) 3 lemons? Explain your reasoning (don’t just put a number down).

         b) No fruit symbols (no lemons, no cherries)? Explain your reasoning.

         c) 3 bells (the jackpot)? Explain.

         d) No bells? Explain.

         e) At least one bar (an automatic loser)?

Structure (e) as a binomial random variable. Explain how you would set this up (i.e. what is “n” the number of trials, “p” the probability of success, X the binomial variable). Use Excel to figure out the probability of X=1bar or X=2bars or X=3bars.

Answer 1