A gambler simulates 20 plays of a card game, wins 1 time, and estimates P(winnin

Question

A gambler simulates 20 plays of a card game, wins 1 time, and estimates P(winning) 1/20 0.05 He then simulates 5,000 plays of the game, wins 450 times, and estimates P(winning) 450/5,000-0.09 Which estimate, 0.05 or 0.09 is probably closer to the true theoretical probability and why? O A. 0.05 because it's a smaller number 0 B. 0.09 because the Law of Large Numbers says that the larger the number trials, the better the estimate of the probability ° ?. 0.05 because the Law of Small Numbers says that the smaller the number trials, the better the estimate or the probability 0 D. Both are equally close

Explanation / Answer

Correct option:

B.   0.09 because the Law of Large Number says that the larger the number trials, the better the estimate of the population.

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