Individuals filing federal income tax returns prior to March 31 had an average refund of $1102. Consider the population of “last-minute” filers who mail their returns during the last five days of the income tax period (typically April 10 to April 15).A researcher suggests that one of the reasons that individuals wait until the last five days to file their returns is that on average those individuals have a lower refund than early filers. Develop appropriate hypotheses such that rejection of H0 will support the researcher’s contention.For a sample of 600 individuals who filed a return between April 10 and April 15, the sample mean refund was $1050 and the standard deviation was $500. Compute the p-value.Using α = 0.05, what is your conclusion?Test the hypotheses using the critical value approach (α = 0.025).

Name: Individuals filing federal income tax returns prior to March 31 had an
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Description: Individuals filing federal income tax returns prior to March 31 had an average refund of $1102. Consider the population of “last-minute” filers who mail their returns during the last five days of the income tax period (typically April 10 to April 15)

Answered: Individuals filing federal income tax…

Calculus For The Life Sciences

2nd Edition

ISBN:9780321964038

Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.

Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.

Chapter1: Functions

Section1.EA: Extended Application Using Extrapolation To Predict Life Expectancy

Problem 7EA

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Individuals filing federal income tax returns prior to March 31 had an average refund of $1102. Consider the population of “last-minute” filers who mail their returns during the last five days of the income tax period (typically April 10 to April 15).
1. A researcher suggests that one of the reasons that individuals wait until the last five days to file their returns is that on average those individuals have a lower refund than early filers. Develop appropriate hypotheses such that rejection of H₀ will support the researcher’s contention.
2. For a sample of 600 individuals who filed a return between April 10 and April 15, the sample mean refund was $1050 and the standard deviation was $500. Compute the p-value.
3. Using α = 0.05, what is your conclusion?
4. Test the hypotheses using the critical value approach (α = 0.025).

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