Question

Simple random sampling uses a sample of size n from a population of size N to obtain data that can be used to make inferences about the characteristics of a population. Suppose that, from a population of 50 bank accounts, we want to take a random sample of four accounts in order to learn about the population. How many different random samples of four accounts are possible?

Answer 1

Answer:

There are 230,300 possible combinations of samples of 4 accounts from a population of 50 accounts.

Step-by-step explanation:

In this case we have to calculate the combination of 4 elements (the accounts that are in the sample) out of a group of 50 (population of bank accounts).

The way to calculate this is by the following formula:

$\binom{n}{k}=\frac{n!}{k!(n-k)!} \\\\\binom{4}{50}=\frac{50!}{4!46!}=\frac{50*49*48*47}{24} =\frac{5,527,200}{24}=230,300$

There are 230,300 possible combinations of samples of 4 accounts from a population of 50 accounts.