APFIVE Law Of Large Numbers In Simulations
Two students perform simulations to estimate the probability of a complex event. Student A performs 100 trials and gets an estimate of 0.43. Student B performs 10,000 trials and gets an estimate of 0.412. The true probability is unknown. Which statement is most justified?
A
Both estimates are equally reliable
B
Student A’s estimate is more efficient and equally reliable
C
Student B’s estimate is likely closer to the true probability
D
The true probability is exactly 0.412
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