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.   What is the probability that the mean price for a sample of 30 federal income tax returns in within $16 of the population mean? What is the probability that the mean price for a sample of 50 federal income tax returns in within $16 of the population mean? What is the probability that the mean price for a sample of 100 federal income tax returns in within $16 of the population mean?

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.4: Distributions Of Data
Problem 19PFA
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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.

 

  1. What is the probability that the mean price for a sample of 30 federal income tax returns in within $16 of the population mean?
  2. What is the probability that the mean price for a sample of 50 federal income tax returns in within $16 of the population mean?
  3. What is the probability that the mean price for a sample of 100 federal income tax returns in within $16 of the population mean?
  4. Which, if any, of the sample sized in parts (a), (b), and (c) would you recommend to ensure at least a 0.95 probability that the sample mean is within $16 of the population mean?

 

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