Question: Monte Carlo exercise: John has integers 1:10. He randomly draws 5 without replacement and reasons that he could estimate the 80th percentile of his 10

Monte Carlo exercise: John has integers 1:10. He randomly draws 5 without replacement and reasons that he could estimate the 80th percentile of his 10 integers, the value 8, by taking the 2nd largest sampled value; that is the 4th value in order from smallest to largest. (a) Applying this approach repetitively, what proportion of the time will he accurately estimate the value 8? (b) Underestimate? (c) Overestimate? Please use simulation only , not combination approach

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