Answer:
It has millions of tickets. On each ticket is written a number a dollar amount. The exact average and SD are unknown but are estimated from the sample to be $20,000 and $5,000 respectively.
Step-by-step explanation:
Given that:
sample size n = 1600
sample mean = 20000
standard deviation = 5000
The objective is to choose from the given option about what most closely resembles the relevant box model.
The correct answer is:
It has millions of tickets. On each ticket is written a number a dollar amount. The exact average and SD are unknown but are estimated from the sample to be $20,000 and $5,000 respectively.
However, if draws are made without replacement, the best estimate of the average amount for the bride will be $20,000
Similarly, the standard error for the sample mean =
the standard error for the sample mean = 125