In a Simple Game of Chance, the Numbers 1, 2

question 3

Essay

In a simple game of chance, the numbers 1, 2, 3, 4, and 5 are each written on a piece of paper and placed into a hat.A player draws a piece at random, and if the player draws the "3", the player "wins".Describe how you would use simulation to estimate the probability of winning the game 2 or more times out of three plays.(Assume all numbers are returned to the hat prior to each round.)

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Definitions:

Sequential Version

A process or model that is designed to occur or be executed in a specific order or sequence.

Preemptive Strategy

A business strategy designed to discourage or prevent potential competitors from entering the market.

Strategic Move

A planned action by a company or individual designed to outmaneuver competitors or advance its position in the marketplace.

Credible Threat

A believable or convincing threat that influences another party's strategic decisions.