Question

In the EAI sampling problem, the population mean is $51,800 and the population standard deviation is $5,000. When the sample size is n = 30, there is a 0.4161 probability of obtaining a sample mean within +/- $500 of the population mean. Use z-table. 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)? 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)?

Answer 1