Asked about Probability by simulation
You estimated a probability by simulation and got 0.167. How many digits should you report?
An answer that works
As many as the Monte Carlo margin allows, and no more. The estimate is a proportion over n trials, so the margin is 1.96 times the square root of p times one minus p over n. At 100,000 trials that is about 0.002, so two decimal places. Going to four decimals needs ten million trials, because the error falls with the square root of the work.
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