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In the EAI sampling problem, the population mean is $51,800


In the EAI sampling problem, the population mean is $51,800 and the population standard deviation is $4,000. When the sample size is n=30, there is a 0.5064 probability of obtaining a sample mean within ±$500 of the population mean. Use z-table.

 

a. What is the probability that the sample mean is within $500 of the population mean if a sample of size 60 is used (to 4 decimals)? 

b. What is the probability that the sample mean is within $500 of the population mean if a sample of size 120 is used (to 4 decimals)?

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Answer : In the EAI sampling population mean is $ 51800 and population standard deviation is $4000. when the sample size n= 30, there is a 0.5064 probability of obtaining a sample mean within +-$500 of the population mean.

Solution:

a) the probability that sample mean is within $ 500 of population mean it sample size 60 is used:

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