a. What is the probability that the mean price for a sample of 30 federal income tax retums is within $16 of the population mean? b. What is the probability that the mean price for a sample of 50 federal income tax retums is within $16 of the population mean? c. What is the probability that the mean price for a sample of 100 federal income tax retums is within $16 of the population mean? d. Which, if any, of the sample sizes in parts (a), (b), and (c) would you recommend to ensure at least a .95 probability that the sample mean is within $16 of the population mean?
a. What is the probability that the mean price for a sample of 30 federal income tax retums is within $16 of the population mean? b. What is the probability that the mean price for a sample of 50 federal income tax retums is within $16 of the population mean? c. What is the probability that the mean price for a sample of 100 federal income tax retums is within $16 of the population mean? d. Which, if any, of the sample sizes in parts (a), (b), and (c) would you recommend to ensure at least a .95 probability that the sample mean is within $16 of the population mean?
MATLAB: An Introduction with Applications
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ISBN:9781119256830
Author:Amos Gilat
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Chapter1: Starting With Matlab
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Transcribed Image Text:2. Income Tax Return Preparation Fees. The CPA Practice Advisor reports that the mean
preparation fee for 2017 federal income tax returns was $273. Use this price as the
population mean and assume the population standard deviation of preparation fees is
$100.
a. What is the probability that the mean price for a sample of 30 federal income tax
retums is within $16 of the population mean?
b. What is the probability that the mean price for a sample of 50 federal income tax
retums is within $16 of the population mean?
c. What is the probability that the mean price for a sample of 100 federal income tax
retums is within $16 of the population mean?
d. Which, if any, of the sample sizes in parts (a). (b), and (e) would you recommend
to ensure at least a .95 probability that the sample mean is within $16 of the
population mean?
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