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MLE for a log-normal on log-scale

Daily traded volumes are modeled as log-normal, meaning lnXi\ln X_i is normal with mean μ\mu and variance σ2\sigma^2. The log-normal density is

f(xμ,σ2)=1x2πσ2exp ⁣((lnxμ)22σ2),x>0.f(x \mid \mu, \sigma^2) = \frac{1}{x\sqrt{2\pi\sigma^2}}\, \exp\!\left(-\frac{(\ln x - \mu)^2}{2\sigma^2}\right), \qquad x > 0.

Taking natural logs of five observations gives yi=lnxiy_i = \ln x_i equal to 2.0, 2.5, 3.0, 3.5, 4.0.

Derive the maximum likelihood estimator of μ\mu and evaluate it.

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