In the EAI sampling problem, the population mean is $71,300 and the population standard deviation is $5,000. For n=20, there is a 0.3472 probability of obtaining a sample mean within +500 of the population mean. A) What is the probability that x is within $500 of the population mean if a sample size of 40 is used (to 4 decimals)? B) Answer part A for a sample of size 80 (to 4 decimals).

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.