Question
In: Accounting
A population has a standard deviation of 25 and a mean of 300. Given a random sample of size 100, how likely is it that the sample mean will be within +/- 5 of the population mean?
A population has a standard deviation of 25 and a mean of 300. Given a random sample of size 100, how likely is it that the sample mean will be within +/- 5 of the population mean?
Solutions
Expert Solution
mean =
=300
Standard deviation 
=25
Sample size =n=100
Standard error=
=
=2.5
Marin or error = 2* standard error = 2*2.5 = 5
We are 95% confident thatpopulation mean falls within +-5
population mean =+-margin
of error =+-5=300+-5
=(295,305)
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