Question

In: Statistics and Probability

3. A very good poker player is expected to earn $1 per hand in $100/$200 Texas...

3. A very good poker player is expected to earn $1 per hand in $100/$200 Texas poker Hold'em. The standard deviation is approximately $30 .

a) What is the probability of a very good poker player earns a profit(more than $0) after playing 40 hands in $100/$200 Texas Hold'em?

b) What proportion of the time can a very good poker player expect to earn at least $500 after playing 100 hands in $100/$200 Texas Hold'em.

c) Suppose that twenty hands are played per hour. What is the probability that a very good poker player earns a profit during a 10 hour session?

Solutions

Expert Solution

Given:

a.) No of hands played = 40. Thus

n = 40

The sampling distribution of the sample mean has mean and standard deviation

Z value is given by :

Probability using normal probability table in the appendix

b.) n = 100

The sampling distribution of the sample mean has mean and standard deviation

Probability using normal probability table in the appendix

c.) 20 hands are played per hour during a 10 hour session

Thus n = 20 * 10 = 200

The sampling distribution of the sample mean has mean and standard deviation

Probability using normal probability table in the appendix

Kindly use the Z table and find the answer

orchestra answered 1 year ago

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