What does the Law of Large Numbers state?
- It states that as the size of a sample is increased, the mean value of the sample will get closer to the mean or expected value of the population.
- It states that if an event is repeated under identical conditions, the probability of the event remains the same.
- It's a rule which states that the sum of the probabilities of all possible events is 1.
- It's the law that states the probability of an event is always constant.
The Law of Large Numbers states that as a sample size grows, its mean gets closer to the average of the whole population. In other words, as the number of experiments increases, the actual ratio of outcomes will converge on the theoretical, or expected, ratio of outcomes.
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