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The most promising source of gravitational waves for the planned detectorsLIGO and VIRGO are merging compact binaries, i.e., neutron star/neutron star(NS/NS), neutron star/black hole (NS/BH), and black hole/black-hole (BH/BH)binaries. We investigate how accurately the distance to the source and themasses and spins of the two bodies will be measured from the gravitational wavesignals by the three detector LIGO/VIRGO network using ``advanced detectors''(those present a few years after initial operation). The combination ${\cal M}\equiv (M_1 M_2)^{3/5}(M_1 +M_2)^{-1/5}$ of the masses of the two bodies ismeasurable with an accuracy $\approx 0.1\%-1\%$. The reduced mass is measurableto $\sim 10\%-15\%$ for NS/NS and NS/BH binaries, and $\sim 50\%$ for BH/BHbinaries (assuming $10M_\odot$ BH's). Measurements of the masses and spins arestrongly correlated; there is a combination of $\mu$ and the spin angularmomenta that is measured to within $\sim 1\%$. We also estimate that distancemeasurement accuracies will be $\le 15\%$ for $\sim 8\%$ of the detectedsignals, and $\le 30\%$ for $\sim 60\%$ of the signals, for the LIGO/VIRGO3-detector network.Comment: 103 pages, 20 figures, submitted to Phys Rev D, uses revtex macros,  Caltech preprint GRP-36

Gravitational waves from merging compact binaries: How accurately can one extract the binary’s parameters from the inspiral waveform?