The annual income of doctors constitutes a highly positive-skewed distribution. Suppose the population has an unknown mean
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The annual income of doctors constitutes a highly positive-skewed distribution. Suppose the population has an unknown mean and a standard deviation of £10,000. An estimate of the population mean is to be made using the sample mean. This estimate must be within £1000 either side of the true mean:
(a) If n = 100, find the probability that the estimate will meet the desired accuracy
(b) If n = 625, find the probability that the estimate will meet the desired accuracy.
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