If I had a spinner, where each probability and value is known, how many times would I have to spin it to say that there is a 99% chance that my accumulated winnings' mean is within $0.01 of the expected value?
(I'm not asking for this specific problem to be solved, but how I would work it out given the data, goal range and goal certainty)
Expected Value: \$4.05
How many times to spin until I can say that:
$4.04 < average winnings < $4.06 (with 99% certainty)
I know that this involves standard deviation, but none of the youtube videos about seem to actually cover this sort of problem.
Thanks in advance!