Confidence Interval with Finite Population Correction Factor The standard error of the mean is σ/√n,…

Confidence Interval with Finite Population Correction Factor The standard error of the mean is σ/√n, provided that the population size is infinite or very large or sampling is with replacement. If the population size N is finite, then the correction factor √(N – n)/(N – 1) should be used whenever n > 0.05N. The margin of error E is multiplied by this correction factor as shown below. Repeat part (a) of Exercise 25 assuming that the sample is selected without replacement from a population of size 200. How is the confidence interval affected by the additional information about the population size?Exercise 25 SAT Scores A simple random sample of 125 SAT scores has a mean of 1522. Assume that SAT scores have a standard deviation of 333.a. Construct a 95% confidence interval estimate of the mean SAT score.

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