Central Limit Theorem and Standard Error
Central Limit Theorem and Standard Error – Example 1:
Central Limit Theorem and Standard Error – Example 2:
Solution: First, find the mean of the given data.
Mean\(=\frac{4+8+12+16+20}{5}=12\)
Now, the standard deviation can be calculated as;
\(S=\frac{Summation\:of\:difference\:between\:each\:value\:of\:given\:data\:and\:the\:mean\:value}{Number\:of\:values}\)
\(S=\sqrt{\frac{\left(4-12\right)^2+\left(8-12\right)^2+\left(12-12\right)^2+\left(16-12\right)^2+\left(20-12\right)^2}{5}}\)
\(=5.65\)
So, use the \(SE\) formula: \(SE=\frac{σ}{\sqrt{n}}\)
\(SE=\frac{5.65}{\sqrt{5}}= 2.52\)
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Original price was: $109.99.$54.99Current price is: $54.99.
Original price was: $114.99.$54.99Current price is: $54.99.
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