The probability that a very good poker player earns a profit (more than $0) after playing 50 hands in $100/$200 Texas Hold’em.

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Microsoft Excel snapshot for random sampling: Also note the formula used for the last column 02 x✓ fx =INDEX(5852:58551, RANK(C2, $C$2:$C$51)) A B 1 No. States 2 1 ALABAMA Rand No. 0.925957526 3 2 ALASKA 0.372999976 4 3 ARIZONA 0.941323044 5 4 ARKANSAS 0.071266381 Random Sample CALIFORNIA NORTH CAROLINA ARKANSAS WASHINGTON G7 Microsoft Excel snapshot for systematic sampling: xfx INDEX(SD52:50551, F7) A B E F G 1 No. States Rand No. Random Sample population 50 2 1 ALABAMA 0.5296685 NEW HAMPSHIRE sample 10 3 2 ALASKA 0.4493186 OKLAHOMA k 5 4 3 ARIZONA 0.707914 KANSAS 5 4 ARKANSAS 0.4831379 NORTH DAKOTA 6 5 CALIFORNIA 0.7277162 INDIANA Random Sample Sample Name 7 6 COLORADO 0.5865002 MISSISSIPPI 8 7:ONNECTICU 0.7640596 ILLINOIS 9 8 DELAWARE 0.5783029 MISSOURI 525 10 15 INDIANA MARYLAND COLORADO

Answer 1

Question

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

Chapter 8.1, Problem 24AYU

(a)

To determine

The probability that a very good poker player earns a profit (more than $0) after playing 50 hands in $100/$200 Texas Hold’em.

(b)

To determine

The probability that a very good poker player loses (earns less than $0) after playing 100 hands in $100/$200 Texas Hold’em.

(c)

To determine

The proportion of time that a very good poker player can expect to earn at least $500 after playing 100 hands in $100/$200 Texas Hold’em when the mean is $5 per hand.

(d)

To determine

The proportion of time that a very good poker player can lose at least $1000 after playing 100 hands in $100/$200 Texas Hold’em when the mean is $10 per hand.

(e)

To determine

The probability that a very good poker player earns a profit (more than $0) during a twenty-four hours marathon session in $100/$200 Texas Hold’em when twenty hands per hour are played by them.

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Microsoft Excel snapshot for random sampling: Also note the formula used for the last column 02 x✓ fx =INDEX(5852:58551, RANK(C2, $C$2:$C$51)) A B 1 No. States 2 1 ALABAMA Rand No. 0.925957526 3 2 ALASKA 0.372999976 4 3 ARIZONA 0.941323044 5 4 ARKANSAS 0.071266381 Random Sample CALIFORNIA NORTH CAROLINA ARKANSAS WASHINGTON G7 Microsoft Excel snapshot for systematic sampling: xfx INDEX(SD52:50551, F7) A B E F G 1 No. States Rand No. Random Sample population 50 2 1 ALABAMA 0.5296685 NEW HAMPSHIRE sample 10 3 2 ALASKA 0.4493186 OKLAHOMA k 5 4 3 ARIZONA 0.707914 KANSAS 5 4 ARKANSAS 0.4831379 NORTH DAKOTA 6 5 CALIFORNIA 0.7277162 INDIANA Random Sample Sample Name 7 6 COLORADO 0.5865002 MISSISSIPPI 8 7:ONNECTICU 0.7640596 ILLINOIS 9 8 DELAWARE 0.5783029 MISSOURI 525 10 15 INDIANA MARYLAND COLORADO

Suppose the Internal Revenue Service reported that the mean tax refund for the year 2022 was $3401. Assume the standard deviation is $82.5 and that the amounts refunded follow a normal probability distribution. Solve the following three parts? (For the answer to question 14, 15, and 16, start with making a bell curve. Identify on the bell curve where is mean, X, and area(s) to be determined. 1.What percent of the refunds are more than $3,500? 2. What percent of the refunds are more than $3500 but less than $3579? 3. What percent of the refunds are more than $3325 but less than $3579?

A normal distribution has a mean of 50 and a standard deviation of 4. Solve the following three parts? 1. Compute the probability of a value between 44.0 and 55.0. (The question requires finding probability value between 44 and 55. Solve it in 3 steps. In the first step, use the above formula and x = 44, calculate probability value. In the second step repeat the first step with the only difference that x=55. In the third step, subtract the answer of the first part from the answer of the second part.) 2. Compute the probability of a value greater than 55.0. Use the same formula, x=55 and subtract the answer from 1. 3. Compute the probability of a value between 52.0 and 55.0. (The question requires finding probability value between 52 and 55. Solve it in 3 steps. In the first step, use the above formula and x = 52, calculate probability value. In the second step repeat the first step with the only difference that x=55. In the third step, subtract the answer of the first part from the…

Answer 2

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Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

Chapter 8.1, Problem 24AYU

(a)

To determine

The probability that a very good poker player earns a profit (more than $0) after playing 50 hands in $100/$200 Texas Hold’em.

(b)

To determine

The probability that a very good poker player loses (earns less than $0) after playing 100 hands in $100/$200 Texas Hold’em.

(c)

To determine

The proportion of time that a very good poker player can expect to earn at least $500 after playing 100 hands in $100/$200 Texas Hold’em when the mean is $5 per hand.

(d)

To determine

The proportion of time that a very good poker player can lose at least $1000 after playing 100 hands in $100/$200 Texas Hold’em when the mean is $10 per hand.

(e)

To determine

The probability that a very good poker player earns a profit (more than $0) during a twenty-four hours marathon session in $100/$200 Texas Hold’em when twenty hands per hour are played by them.

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Answer 3

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Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

Chapter 8.1, Problem 24AYU

(a)

To determine

The probability that a very good poker player earns a profit (more than $0) after playing 50 hands in $100/$200 Texas Hold’em.

(b)

To determine

The probability that a very good poker player loses (earns less than $0) after playing 100 hands in $100/$200 Texas Hold’em.

(c)

To determine

The proportion of time that a very good poker player can expect to earn at least $500 after playing 100 hands in $100/$200 Texas Hold’em when the mean is $5 per hand.

(d)

To determine

The proportion of time that a very good poker player can lose at least $1000 after playing 100 hands in $100/$200 Texas Hold’em when the mean is $10 per hand.

(e)

To determine

The probability that a very good poker player earns a profit (more than $0) during a twenty-four hours marathon session in $100/$200 Texas Hold’em when twenty hands per hour are played by them.

Expert Solution & Answer

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Answer 4

Question

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

Chapter 8.1, Problem 24AYU

(a)

To determine

The probability that a very good poker player earns a profit (more than $0) after playing 50 hands in $100/$200 Texas Hold’em.

(b)

To determine

The probability that a very good poker player loses (earns less than $0) after playing 100 hands in $100/$200 Texas Hold’em.

(c)

To determine

The proportion of time that a very good poker player can expect to earn at least $500 after playing 100 hands in $100/$200 Texas Hold’em when the mean is $5 per hand.

(d)

To determine

The proportion of time that a very good poker player can lose at least $1000 after playing 100 hands in $100/$200 Texas Hold’em when the mean is $10 per hand.

(e)

To determine

The probability that a very good poker player earns a profit (more than $0) during a twenty-four hours marathon session in $100/$200 Texas Hold’em when twenty hands per hour are played by them.

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Answer 5

Chapter 8.1, Problem 24AYU

(a)

To determine

The probability that a very good poker player earns a profit (more than $0) after playing 50 hands in $100/$200 Texas Hold’em.

(b)

To determine

The probability that a very good poker player loses (earns less than $0) after playing 100 hands in $100/$200 Texas Hold’em.

(c)

To determine

The proportion of time that a very good poker player can expect to earn at least $500 after playing 100 hands in $100/$200 Texas Hold’em when the mean is $5 per hand.

(d)

To determine

The proportion of time that a very good poker player can lose at least $1000 after playing 100 hands in $100/$200 Texas Hold’em when the mean is $10 per hand.

(e)

To determine

The probability that a very good poker player earns a profit (more than $0) during a twenty-four hours marathon session in $100/$200 Texas Hold’em when twenty hands per hour are played by them.

Answer 6

Chapter 8.1, Problem 24AYU

(a)

To determine

The probability that a very good poker player earns a profit (more than $0) after playing 50 hands in $100/$200 Texas Hold’em.

Answer 7

Chapter 8.1, Problem 24AYU

(a)

To determine

The probability that a very good poker player earns a profit (more than $0) after playing 50 hands in $100/$200 Texas Hold’em.

Answer 8

(b)

To determine

The probability that a very good poker player loses (earns less than $0) after playing 100 hands in $100/$200 Texas Hold’em.

Answer 9

(b)

To determine

The probability that a very good poker player loses (earns less than $0) after playing 100 hands in $100/$200 Texas Hold’em.

Answer 10

(c)

To determine

The proportion of time that a very good poker player can expect to earn at least $500 after playing 100 hands in $100/$200 Texas Hold’em when the mean is $5 per hand.

Answer 11

(c)

To determine

The proportion of time that a very good poker player can expect to earn at least $500 after playing 100 hands in $100/$200 Texas Hold’em when the mean is $5 per hand.

Answer 12

(d)

To determine

The proportion of time that a very good poker player can lose at least $1000 after playing 100 hands in $100/$200 Texas Hold’em when the mean is $10 per hand.

Answer 13

(d)

To determine

The proportion of time that a very good poker player can lose at least $1000 after playing 100 hands in $100/$200 Texas Hold’em when the mean is $10 per hand.

Answer 14

(e)

To determine

The probability that a very good poker player earns a profit (more than $0) during a twenty-four hours marathon session in $100/$200 Texas Hold’em when twenty hands per hour are played by them.

Answer 15

(e)

To determine

The probability that a very good poker player earns a profit (more than $0) during a twenty-four hours marathon session in $100/$200 Texas Hold’em when twenty hands per hour are played by them.

Answer 16

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Ch. 8.1 - 1. The ________ ________ of the sample mean, , is...Ch. 8.1 - Prob. 2AYU Ch. 8.1 - 3. The standard deviation of the sampling...Ch. 8.1 - 4. True or False: The distribution of the sample...Ch. 8.1 - Prob. 5AYU Ch. 8.1 - Prob. 6AYU Ch. 8.1 - 7. A simple random sample of size n = 10 is...Ch. 8.1 - 8. A simple random sample of size n = 40 is...Ch. 8.1 - In Problems 9–12, determine and from the given...Ch. 8.1 - Prob. 10AYU

The probability that a very good poker player earns a profit (more than $0) after playing 50 hands in $100/$200 Texas Hold’em.

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The probability that a very good poker player earns a profit (more than $0) after playing 50 hands in $100/$200 Texas Hold’em.

The probability that a very good poker player loses (earns less than $0) after playing 100 hands in $100/$200 Texas Hold’em.

The proportion of time that a very good poker player can expect to earn at least $500 after playing 100 hands in $100/$200 Texas Hold’em when the mean is $5 per hand.

The proportion of time that a very good poker player can lose at least $1000 after playing 100 hands in $100/$200 Texas Hold’em when the mean is $10 per hand.

The probability that a very good poker player earns a profit (more than $0) during a twenty-four hours marathon session in $100/$200 Texas Hold’em when twenty hands per hour are played by them.

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