greater? Why? 29. Income Tax Return Preparation Fees. The CPA Practice Advisor reports that the mean preparation

Question:

greater? Why? 29. 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 returns is within $16 of the population mean? 

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

c. What is the probability that the mean price for a sample of 100 federal income tax returns 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?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  answer-question

Statistics For Business & Economics

ISBN: 9781337901062

14th Edition

Authors: David R. Anderson, Dennis J. Sweeney, Thomas A. Williams, Jeffrey D. Camm, James J. Cochran

Question Posted: