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?

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
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ISBN:9780079039897
Author:Carter
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Chapter10: Statistics
Section10.4: Distributions Of Data
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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?
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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