Solve the problem.
-When sampling without replacement from a finite population of size N, the following formula is used to find
the standard deviation of the population of sample means: However, when the sample size n, is smaller than 5% of the population size, N, the finite population correction
factor, , can be omitted. Explain in your own words why this is reasonable. For N = 200, find the
values of the finite population correction factor when the sample size is 10%, 5%, 3%, 1% of the population,
respectively. What do you notice?
Correct Answer:
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