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A particle of mass moves on a circular orbit around a nonrotating black hole of mass M. Under the assumption the gravitational waves emitted by such a binary system can be calculated exactly numerically using black-hole perturbation theory If, further, the particle is slowly moving, v= (M) ^1/31 (where v and are, respectively, the linear and angular velocities in units such that G=c=1), then the waves can be calculated approximately analytically, and expressed in the form of a post-Newtonian expansion. We determine the accuracy of this expansion in a quantitative way by calculating the reduction in signal-to-noise ratio incurred when matched filtering the exact signal with a nonoptimal, post-Newtonian filter. We find that the reduction is quite severe, approximately 25%, for systems of a few solar masses, even with a post-Newtonian expansion accurate to fourth order, O (v^8), beyond the quadrupole approximation. Most of this reduction is caused by the post-Newtonian theory's inability to correctly locate the innermost stable circular orbit, which here is at r=6M (in Schwarzschild coordinates). Correcting for this yields reductions of only a few percent.
Eric Poisson (Wed,) studied this question.