Reconsider Prob. 22.4-8 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 simulation on a spreadsheet to estimate this probability. Perform the number of iterations (plays of the game) indicated below twice.

(a) 100 iterations.

(b) 1,000 iterations.

(c) 10,000 iterations.

(d) The true probability is 0.493. What conclusion do you draw from the above simulation runs about the number of iterations that appears to be needed to give reasonable assurance of obtaining an estimate that is within 0.007 of the true probability?