Suppose there are 500 accounts in a population.You sample 50 of them and find a sample mean of $500.What would be your estimate for the population total?
A)$5,000
B)$50,000
C)$250,000
D)$500,000

Question

Quizplus · Accepted Answer

To estimate the population total, you multiply the sample mean by the total number of accounts in the population. Here, the sample mean is $500 and there are 500 accounts in total. So, the estimate for the population total is 500 * $500 = $250,000.

Suppose There Are 500 Accounts in a Population