Correction For Finite Population
The formula given above for the standard error assumes that the sample size is much smaller than the population size, so that the population can be considered to be effectively infinite in size. When the sampling fraction is large (approximately at 5% or more), the estimate of the error must be corrected by multiplying by a "finite population correction"
to account for the added precision gained by sampling close to a larger percentage of the population. The effect of the FPC is that the error becomes zero when the sample size n is equal to the population size N.
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