Question: A classic probability problem is called the collectors problem. For example, suppose that cereal boxes contain one prize each, with a total of four prizes
A classic probability problem is called the collector’s problem. For example, suppose that cereal boxes contain one prize each, with a total of four prizes to be collected. Also suppose that each box of cereal is equally likely to contain any one of the four prizes, and the particular prize appearing in one box has no bearing on the prize that appears in another box. You purchase one cereal box at a time, see which prize is in it, and continue buying one box at a time until you have the complete set of four prizes. Describe (in detail) how you could (in principle, not necessarily practically) use four index cards to conduct a simulation analysis to approximate the probability that you would need to buy at least 10 boxes to find a complete set of prizes.
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