If the size of the sample is 5 and size of the population the correction factor is what
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Thirty people from a population of 300 were asked how much they had in savings. The sample mean (with a sample standard deviation of $89.55. Construct a 95% confidence interval estimate for the population mean.
Solution (using degrees of freedom = n – 1 = 29) and tα/2 = 2.0452 for a 95% confidence level):
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