I am confused about how to use renewal theory finding approximations required in the following questions. The questions are:
A fair 4-sided die has sides labelled 1,2,3,4. Let $Y_n$ equal the product of the first n rolls.
Let N be the first n for which $Y_n$ > $10^{100}$.
- Use renewal theory to find a very good approximation to $E(N)$.
- Find the approximate probability that there is no n for which 1,000,000 < $Y_n$ < 2,000,000.
Anyone have a good idea of how to construct a renewal process that make sense, I feel like I can't find a good way to do this.