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If there is a way to calculate in excel could you please explain how? I get about half way through and get stuck. Thanks. In the EAI sampling problem, the population mean is $51,100 and the population standard deviation is $5,000. When the sample size is n = 20, there is a 0.4108 probability of obtaining a sample mean within +/- $600 of the population mean.
a. What is the probability that the sample mean is within $600 of the population mean if a sample of size 40 is used (to 4 decimals)?
b. What is the probability that the sample mean is within $600 of the population mean if a sample of size 80 is used (to 4 decimals)?
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