Question

Simple random sampling uses a sample of size n from a population of size N to obtain data that can be used to make inferences about the characteristics of a population. Suppose that, from a population of 58 bank accounts, we want to take a random sample of four accounts in order to learn about the population. How many different random samples of four accounts are possible?

Answer 1

Here the order of the accounts is not important, therefore we are going to be using combinations to calculate the number of random samples possible out of 58 bank accounts:

$\binom{58}{4}$

$=\frac{58!}{4 !*(58-4)!}$

$=424270$

Hence there are a total of 424,270 different random samples of 4 accounts possible.

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