Given two i.i.d. sequences of $n$ letters from a finite alphabet, one can consider the length $L_n$ of the longest sequence which is a subsequence of both the given sequences. It is known that $EL_n$ grows like $\gamma n$ for some $\gamma \in \lbrack 0, 1\rbrack$. Here it is shown that $\gamma n \geq EL_n \geq \gamma n - C(n \log n)^{1/2}$ for an explicit numerical constant $C$ which does not depend on the distribution of the letters. In simulations with $n = 100,000, EL_n/n$ can be determined from $k$ such trials with 95% confidence to within $0.0055/\sqrt k$, and the results here show that $\gamma$ can then be determined with 95% confidence to within $0.0225 + 0.0055/\sqrt k$, for an arbitrary letter distribution.