The prize money at large poker tournaments is in the millions of dollars. To participate in such tournaments, however, players have to first pay entry fees or buy-ins. For high-prize events such as main events on the World Tour of Poker, these buy-ins can easily reach $10,000. Since even the best poker players lose a lot more often than they win, these buy-ins constitute significant investments for professional poker players. To finance buy-ins, such players rely on two common arrangements: "stacking" and "backing." Lets look at stacking first. Under a stacking arrangement, a player sells a share in any prize money he or she may win at a specific tournament in return for an upfront payment that is used to cover the buy-in. Suppose, for instance, that a player wants to sell a 10% share in his winnings at a specific tournament to an investor. In return for the share, the investor would pay the player 10% times the buy-in times a markup. If, for instance, the buy-in were $10,000 and the markup were 1.25, the investor would have to pay the player 10%*$10,000*1.25 = $1,250 for the 10% share. A recent story on NPR describes these stacking arrangements. Listen to the story and/or read the transcript here: http://www.npr.org/2016/03/24/471684998/hedging-their-bets-how-the-pros-diversify-their-poker-portfolios (Links to an external site.) Lets focus on Jake Balsiger, the novice player who couldnt afford the $10,000 buy-in. Since Jake was a novice, he couldnt ask for much of a markup when he sold shares in his potential winnings. In fact, his markup was 1 (so that a 10% share of his potential winnings cost 10%*$10,000*1 = $1000). Given this markup, and the information provided in the NPR story, how sensitive was Jakes pay to his performance at the 2012 World Series of Poker main event (where performance is measured by his prize money)? If the information in the NPR story is not precise, work with the approximate numbers given in the story (e.g. work with $4m in prize money rather than almost $4 million, which is the information provided in the story). Enter your answer in percent (e.g. if you think the answer is 25.75% enter 25.75).