The costly challenges involved in managing expatriates on international assignments can appear in various forms such as visa, health insurance, accommodation for the expat and possible family, transportation, living expenses, taxation and so on. Based on the 2020 data obtained from a market research firm, it was determined that the mean and the standard  deviation of the expatriation costs for 680 expatriates from publicly listed multinational companies are $58.19 million and $13.86 million, respectively. An analyst randomly chooses 47 expatriation costs for the year 2020. a. Is it necessary to apply the finite population correction factor? Explain. b. Is the sampling distribution of the sample mean approximately normally distributed?  Explain. c. Calculate the expected value and the standard error of the sample me

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The costly challenges involved in managing expatriates on international assignments can appear in various forms such as visa, health insurance, accommodation for the expat and possible family, transportation, living expenses, taxation and so on. Based on the 2020 data obtained from a market research firm, it was determined that the mean and the standard 
deviation of the expatriation costs for 680 expatriates from publicly listed multinational companies are $58.19 million and $13.86 million, respectively. An analyst randomly chooses 47 expatriation costs for the year 2020.


a. Is it necessary to apply the finite population correction factor? Explain.
b. Is the sampling distribution of the sample mean approximately normally distributed
Explain.
c. Calculate the expected value and the standard error of the sample mean.
d. What is the probability that the sample mean is more than $60 million?
e. What is the probability that the sample mean is between $56 million to $60 million? 

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