APFIVE Law Of Large Numbers In Simulations
Two students, A and B, conducted simulations to estimate the probability of an event. Student A performed 100 trials and obtained an estimated probability of 0.43. Student B performed 10,000 trials and obtained an estimated probability of 0.412. The true probability of the event is unknown. Which of the following statements is the most justified conclusion?
A
Both estimates are equally reliable
B
Student A’s estimate is more efficient and equally reliable
C
The true probability is exactly 0.412
D
Student B’s estimate is likely closer to the true probability
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