The mean preparation fee H&R Block charged retail customers last year was $183(the Wall Street Journal, March 7, 2012). Use this price as the population mean andassume the population standard deviation of preparation fees is $50.a. What is the probability that the mean price for a sample of 30 H&R Block retailcustomers is within $8 of the population mean?b. What is the probability that the mean price for a sample of 50 H&R Block retailcustomers is within $8 of the population mean?c. What is the probability that the mean price for a sample of 100 H&R Block retailcustomers is within $8 of the population mean?d. Which, if any, of the sample sizes in parts (a), (b), and (c) would you recommend tohave at least a .95 probability that the sample mean is within $8 of the population mean?
The
(the Wall Street Journal, March 7, 2012). Use this price as the population mean and
assume the population standard deviation of preparation fees is $50.
a. What is the
customers is within $8 of the population mean?
b. What is the probability that the mean price for a sample of 50 H&R Block retail
customers is within $8 of the population mean?
c. What is the probability that the mean price for a sample of 100 H&R Block retail
customers is within $8 of the population mean?
d. Which, if any, of the sample sizes in parts (a), (b), and (c) would you recommend to
have at least a .95 probability that the sample mean is within $8 of the population mean?
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