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
E) none of these choices

Question

Quizplus · Accepted Answer

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

Suppose There Are 500 Accounts in a Population