A bank had 5024 depositers with an avevrage account of 512 A

A bank had 5024 depositers, with an avevrage account of $512. Assume the standard deviation is $150. Find the mean and standard deviation of the sampling distribution of the average balance for a random sampling of 1000 depositors. (Finite population corrector needed)

Solution

mean and standard deviation of the sampling distribution

Mean = 512

Standard deviation = s.d/Sqrt(n) = 150/Sqrt(1000) = 4.7434