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    Charting Data for Average Family Income

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    An economist wishes to estimate the average family income in a certain population. The population standard deviation is known to be $4,500, and the economist uses a random sample of size = 225. What is the probability that the sample mean will fall within $800 of the population mean?

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    Solution Summary

    Solution attaches a Word document that shows how to chart the average family income of a given population.