Question: Unbiased estimates of the mean and variance of a population, based on a random sample of 24 observations, are 5.5 and 2.42 respectively. Another random observation of 8.0 is obtained. Find new unbiased estimates of the mean and variance with this new information.
Assuming that the sample mean has a normal distribution, estimate the probability,estimate the probability that a sample mean based on a sample size of 25 is within 0.01 of the population mean,Explain why your answer is only an estimate.