# Statistics Problem Solving

That means that the probability that two people in the office share a birthday is 1 -- 0.4927 = 0.5073, or 50.7%.A gambler has a certain amount of money ("B") and is playing a game of chance with some win probability less than 1.When B= 00 and N=4, for example, he'll gamble 0 each time going forward. If our gambler sounds like something of an idiot, know that this is actually a rather common betting strategy.

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Data must be organized, summarized, and represented properly in order to provide good answers to statistical questions.

Also, the data you collect usually vary (i.e., they are not all the same), and you will need to account for the sources of this variation.

Every time he wins, he raises his stake to a certain fraction, 1/N, of his bankroll, where N is a positive number. ANSWER: HE'LL LOSE EVERYTHING When it comes down to it, if our gambler bets 1/N of his bankroll each time and then maintains the amount as he loses, the gambler is N losing bets in a row away from bankruptcy.

The gambler doesn't reduce his stake when he loses Every time he wins, he'll raise his stake to \$B/N, or his bankroll divided by N. Assuming that the player keeps on playing and there is some chance that the player can lose -- we are gambling, after all -- then the player remains N losing bets away from a broken bank each time.

Even a rudimentary look at probability can give new insights about how to interpret data.