A sample of 50 is selected from a known population of 250 elements. The population standard deviation is 15. Using the finite correction factor, what is the standard error of the sample means?

Answer: standard error of mean r * = 1.90

Step-by-step explanation:

The Finite Correction Factor (FPC) is used when you sample without replacement from more than 5% of a finite population.

FPC = √[ (N-n) / (N-1) ]

N = population size = 250

n = sample size = 50

r * = standard error of mean

r = standard deviation = 15

FPC = √[ (250-50) / (250-1) ] = 0.896

Standard error of mean using FPC will be given as

r * = (r/√n) * FPC

r * = 15/√50 * 0.896

r * = 1.90