=13.13. Reconsider Problem 12.5 involving the game of craps.

Now the objective is to estimate the probability of winning a play of this game. If the probability is greater than 0.5, you will want to go to Las Vegas to play the game numerous times until you eventually win a considerable amount of money. However, if the probability is less than 0.5, you will stay home.

You have decided to perform computer simulation on a spreadsheet to estimate this probability. Use Crystal Ball to perform the number of trials (plays of the game) indicated below.

a. 100 trials.

b. 1,000 trials.

c. 10,000 trials.

d. The true probability is 0.493. Based upon the above simulation runs, what number of trials appears to be needed to give reasonable assurance of obtaining an estimate that is within 0.007 of the true probability?