The slot machine is a favorite among many patrons in casinos and private clubs. It has three identical reels, each reel with spots for 64 images. These include cherry, plum, melon, ace, bar, bell, diamond, lemon, gold coins, orange, and seven. After inserting one or more dollar coins, the gambler pulls the handle and the reels spin. The machine displays three images, one from each reel, when the reels stop spinning. Depending on the counts of certain images displayed and the bet inserted, the machine gives in return nothing, some coins, or an overflowing payoff.
a. Construct a spreadsheet model to simulate the slot machine. Assume in each reel, there are 4 cherry, 4 plum, 4 melon, 5 ace, 5 bar, 7 bell, 7 diamond, 7 lemon, 7 gold coins, 7 orange and 7 seven images, all randomly arranged.
b. For every $1 inserted, the payoff for 1 cherry image is $2, 2 cherry images gives $5, and 3 cherry images gives $10; 2 plum images gives $20, 3 plum images gives $30; and 2 melon images gives $40 and 3 melon images gives $60. What is the net balance after 28 pulls when the initial is $100 and bets are all $1 each?
c. How do you handle more complex payoff conditions? For example, a set of 1 gold coins, 1 diamond and 1 melon images to pay out $150 per dollar bet.
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