According to a study published by Insurance Regulatory andDevelopment Authority of India (IRDAI), the average annual cost ofhealth insurance for a family is Rs. 12000, with standard deviation of Rs. 625.
a. What is the probability that a simple random sample of healthinsurance policies will have a sample mean within Rs. 750 ofthe population mean for each of the following sample sizes:30, 50, 100, and 400?
b. What is the advantage of a larger sample size whenattempting to estimate the population mean?

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