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?
Step by Step Answer:
Statistics For Business & Economics
ISBN: 9781337901062
14th Edition
Authors: David R. Anderson, Dennis J. Sweeney, Thomas A. Williams, Jeffrey D. Camm, James J. Cochran