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A random sample of size n = 50 is taken from a large population with mean 15 and variance 4, but unknown distribution.

(i) What is the standard deviation σX¯ of the sample mean?

(ii) If the sample size were reduced by 50%, what will be the new standard deviation σX¯ of the sample mean?

(iii) To reduce the standard deviation to 50% of the value in (i), what sample size will be needed?

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Category:- Basic Finance
Reference No.:- M91709618

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