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Notes: Simulations Scenarios Scenario 2: Suppose the probability that an exploratory oil well will strike oil is about 0.2. Conduct a simulation to answer the following questions. Assume that the outcome (oil or no oil) for any one exploratory well is independent of outcomes from other wells. Use the random number table below and conduct 20 trials. Clearly identify each trial on the table. (a) Describe the simulation and estimate the average number of wells that need to be drilled in order to strike oil. (b) What is the probability that it will take fewer than 3 attempts to strike oil? (c) What is the probability that it will take exactly 6 wells to strike oil? 3 80410 03333 73856 85627 54351 2 36653 55390 20439 48605 45513 05458 2 76361 47409 14914 55280 70533 52960 2 20579 87054 59998 90071 67554 91237 96994 65965 73235 49260 45309 24660 3 [92648 08676 72653 87342 (19684 3.3780 37592 96361 18246 36121 14888 23329 - [08032 20831 98314 93521 24035 43186