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According to an IRS study, it takes a mean of 330 minutes for taxpayers to prepare, copy, and electronically file a 1040 tax form. This distribution of times follows the normal distribution and the standard deviation is 80 minutes. A consumer watchdog agency selects a random sample of 40 taxpayers.

a. What is the standard error of the mean in this example?

b. What is the likelihood the sample mean is greater than 320 minutes?

c. What is the likelihood the sample mean is between 320 and 350 minutes?

d. What is the likelihood the sample mean is greater than 350 minutes?

The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...

16th edition

Authors: Douglas Lind, William Marchal

ISBN: 978-0078020520