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An investment advisor has worked with 24 clients for the past five years. Following are the percentage rates of average five-year returns that these 24 clients experienced over this time frame on their investments:
This investment advisor plans to introduce a new investment program to a sample of his customers this year. Because this is experimental, he plans to randomly select 5 of the customers to be part of the program. However, he would like those selected to have a mean return rate close to the population mean for the 24 clients. Suppose the following 5 values represent the average five-year annual return for the clients that were selected in the random sample:
Calculate the sampling error associated with the mean of this random sample. What would you tell this advisor regarding the sample he has selected?