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A sample of size n is drawn from a large population with mean μ and variance σ2 but unknown distribution;

(i) Determine the mean and variance of the sample mean when n = 10; μ = 50; σ2 = 20;

(ii) Determine the mean and variance of the sample mean when n = 20; μ = 50; σ2 = 20;

(iii) Determine the probability that a sample mean obtained from a sample of size n = 50 will not deviate from the population mean by more than ±3. State any assumption you may need to make in answering this question.

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Basic Finance, Finance

Category:- Basic Finance
Reference No.:- M91709417

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