Suppose a random sample of size 40 is selected from a popula

Suppose a random sample of size 40 is selected from a population with = 9. Find the value of the standard error of the mean in each of the following cases (use the finite population correction factor if appropriate). a.The population size is N = 500 (to 2 decimals).

Solution

Note that

SE = s*fpc/sqrt(n)

As

fpc = sqrt[(N-n)/(N-1)]

As N = 500, n = 40,

fpc = sqrt((500-40)/(500-1)) = 0.960126912

Thus,

SE = 9*0.960126912/sqrt(40) = 1.366284548 [ANSWER]