In conducting a market research study, a consulting firm recruits respondents to complete its financial services survey through a simple random sampling approach. The study is mostly concerned with the annual savings of American consumers. The survey reveals that for the 50 people surveyed, the average annual savings was $3,800 and the standard deviation of the savings was $1,100. The consultant in charge uses the formula for computing the range of the population mean to estimate the range for the average savings in the US population. Is he correct in doing so?

Yes

No