The standard error is calculated using the formula:

$\text{Standard error} = \frac{\text{Standard deviation}}{\sqrt{n}}$

For the first simulation (n = 81): $\text{Standard error} = \frac{27}{\sqrt{81}} = \frac{27}{9} = 3\%$

For the second simulation (n = 144): $\text{Standard error} = \frac{27}{\sqrt{144}} = \frac{27}{12} = 2.25\%$

Therefore, the standard errors are:

• First simulation: 3%
• Second simulation: 2.25%

This demonstrates that as the number of simulations increases, the standard error decreases, improving the accuracy of the Monte Carlo simulation.